I came to the conclusion that this is the old town of Cruces.  This town was one of the oldest on the Isthmus, and was the head of navigation on the Rio Chagres before the days of the railroad.  The town was abandoned in 1913 on account of the of the flooding of the Chagres River and Gatun Lake to make the Panama Canal.    The Las Cruces trail began from this town and went to Panama City in the old days.  Cayucos and barges brought booty, supplies and people up the Chagres River from Ft. San Lorenzo to the town of Cruces.  There was an old church up on the higher ground that didn't get flooded. We bottle and treasure hunters used to search this area and the old trail.   Many good items were found here and there are many more to be found.  The area you see in this photo is now underwater and is located just across from the former Gamboa Golf and Country Club.