It is named for Spanish explorer Cayetano Valdés y Flores, who first came to the region in 1791[2] as a lieutenant serving under Captain Alessandro Malaspina on the Descubierta.

[5][6][7][8] At Shingle Point, which is the location of one of those reserves, the island shows evidence of human habitation from at least 5,000 years ago in the form of approximately 60 archeological sites.

According to legend, it runs under the sea to emerge on Thetis Island, but recent explorers have found that rockfalls have made remote parts too narrow for human passage.

These two campsites, as well as an abundance of wildlife and unusual sandstone geology make this island a popular destination for recreational kayaking and camping.

[9] The site at Wakes Cove is still undeveloped, lacking any facilities for campers, however there is an abandoned well along an overgrown road in the area.