The undeveloped Los Pozos Termales de Tisingal hot springs are in the countryside within easy driving distance of Volcán [1]. The road is in surprisingly good shape the whole way, though there are mud traps and steep sections that require a four-wheel drive.
A creek runs right across the road near the hot springs, and in the rainy season it can rise high enough to be impassable. If the creek’s not too high, park on the near side and wade across, hiking the rest of the way.
The turnoff to Los Pozos Termales de Tisingal is 10 kilometers from the Volcán crossroads on the road to Río Sereno [2]. Look for a sign on the right as you crest a hill. Turn right and follow the winding road until you come to the springs.
Links:
[1] http://www.moon.com/destinations/panama/western-highlands/volcan
[2] http://www.moon.com/destinations/panama/western-highlands/volcan/rio-sereno