Why did Diego de Almagro lead an expedition into Chile in 1536?

In 1534, King Charles I of Spain directed Diego de Almagro to assist in the conquest of the region now known as Chile.1

Upon leading his expedition into the territory in 1536, Almagro’s primary motivation was the search for an "Otro Peru" ("Another Peru")—a region he hoped would yield vast wealth and high civilization similar to what he and Francisco Pizarro had encountered during the conquest of the Inca empire. However, the expedition failed to find significant gold or advanced civilizations, leading the Spaniards to return to Peru after reaching as far south as the Maule River.234