In the 1960's, Quicay was explored by the mining companies Kennecott Copper Corporation and Hunting Survey. Afterwards, between the years 1993 to 1996, Centromín Perú conducted several exploration works in the area. By 1998, Minera Corribarrick continued the works in the Quicay deposit, to finally disregard it due to its low reserves, hence returning it to its previous owner - Centromín Perú.
In 1993, Centromín Perú executed a geological mapping in the Quicay-Pacoyan area focused on types, alteration, mineralization and geochemical sampling of rocks at a 1:2000 scale. As a result of the latter, a sulphate acid deposit was defined with the following characteristics: a core of brecciated silica and porous silica (vuggy silica) with high values of gold related to hematite, jarosite and limonite; grading to alunite quartz, then to argillic quartz and propylitization in the exterior area.
Additionally, between the years 1994 to 1996, Centromín Perú concluded 21 diamond drillholes completing 2,138 meters. With these numbers, 1,000,000 gold ounces of indicated and inferred ore were estimated. Furthermore, with 2 of the drillholes concluded, the probable presence of a copper-gold porphyry in depth was intercepted.
Finally, by the year 2000 and after definitively acquiring the ownership of concessions of the Quicay deposit, Corporación Minera Centauro began its exploration works with 19 diamond drilling platforms. The latter facilitated the development and operation of what is currently known as the Quicay Mine (2000-2011).
In 2011, due to the proximity of the Quicay Mine closure, Corporación Minera Centauro intensified its exploration works at the Pacoyán area in order to continue discovering new ore reserves with high economic potential. The initial goal was to discover a disseminated gold deposit (similar to Quicay Mine site), however the exploration results led to the discrovery of a copper-gold porphyry deposit, currently named as Quicay II project. Subsequently and completing its exploration program, Corporación Minera Centauro included the area were gold was previously mined, this exploration expansion area that includes the Quicay open-pit and surroundings is currently named as Quicay I project.