New Mexico at that time was part of "New Spain". Cortez was also in Southern California (credited with Baja) and also in Texas.
Cortez had ongoing issues with the crown such as feeling he and his men were not being fairly compensated. Which may lend to why he would track over a large territory with Aztec gold and hide it elsewhere as payment to himself and maybe his men.
De Soto was also in Arkansas in areas not recorded in the history books. In Randolph County there have been some finds in different locations. Spanish armor, spanish coins and a Spanish Sword. The armor was found in the Northern county on the Arkansas side of the Current River (Missouri is on the other side) and a sword was found in a farmers field close to the Spring River and Old Davidsonville State Park, which at one time was an early colonial settlement with Ferry's running between there and New Orleans. The sword could have came from other Spanish trade. A 1700's era Spanish coin was found by archaeologists at Old Davidsonville, which by the way was previously an old Indian encampment.
You cannot metal detect at the park. As far as the northern county ...forget it, as the best spots are privately owned and the property owners turn down MD'ers all the time. Another Md'er and myself did get to hunt 2 properties not far from there, but we didn't turn up anything too great.
Old Davidsonville lies in the West part of the County which has 5 rivers. It was customary for early explorers, and civil war troops to travel alongside the rivers as they didn't have GPS back then
From my reading, one section of text appears to read "Luz y D.o Florez"
As a Spanish-speaker, I take it as the names of two people-- "Luz" of course means 'light' yet it's also a perennially-popular woman's name.
I take "D.o" to represent an abbreviation, either of a man's name, perhaps such as 'Diego' or 'Domingo,' or else the abbreviation for any Spanish participle ending in the masculine "-do" as illustrated by such common abbreviations as "Sdo." for "Segundo," or "apto" for "apartado" or even "1.o" as the abbreviation for "primero" (first).
As someone else had indicated earlier, Florez is indeed a fairly-common surname, so the phrase might logically be a graffito of a couple, a man and woman.
Considered from another perspective-- If indeed the text shows an abbreviation, it would follow that the shortened word would have to be so well-known as to tolerate abbreviation. If the word isn't a man's name, it's even possible that the abbreviated word might even be "D[orad.]o" meaning "gilded" or "golden" which might mean that treasure is nearby 8)
I'd be interested in seeing close-up photos of each individual figure or group of figures.
wow... thanks everyone for the comments and translations I can't wait to get down there and explore more and I will post some better pictures thank you!!