The Buccaneer Resort is located along the southeast stretch of Carenero Island, between Colón Island (the location of the town of Bocas) and Bastimentos ("the place for provisioning" - likely named by Christopher Columbus) Island. This is all within the Laguna de Chiriquí.
Very precisely, the Buccaneer is located at Latitude 9° 20' 25"N Longitude 82° 13' 54.5"W. The Google map below shows a satellite view of the Buccaneer, from the round restaurant rooftop to the dock at the bottom.
Rubén Blades, Panama's Tourism Minister, calls Bocas del Toro "the rising star of Panama's ecotourism," and "with its marine resources and different animal species seen in no other place in the world can be found just hours away."
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The town of Bocas is a four minute water taxi ride to the east. Water taxis usually run from 6am to 6:30pm, but is is quite easy to find a local to take you to the island after that time.
Carenero itself is quite small, with only a few roads. The town on the island is a very short disance away on the southwestern tip.