The Spanish crown then established the Province of Veragua and made the Spanish captain Francisco Vázquez, survivor of a dramatic El Dorado expedition, its first governor in 1560. Santa Fe was founded around that time for the purpose of gold mining.
The establishment of the Province of Veragua in 1560 by the Spanish crown coincided with the appointment of Francisco Vázquez as its first governor, who had survived an El Dorado expedition. The founding of Santa Fe around that time served a similar purpose: to mine gold.