He later reported this observation to the gold ladened muletrain moving north from Panama. That muletrain was wisely turned around and another, without treasure, was sent ahead. Drake's men and Cimaroons attacked the northbound muletrain as it passed, killing a number of Spaniards and sending the rest fleeing into the jungle. As they fell upon the mules however they realized the only plunder was food and trading goods. The Cimaroons were content - they preferred pots and pans, shoes, clothing, etc. to treasure.
Gold is useless in the jungle.
But these items meant nothing to the English. Drake resolved to attack a small village a few miles away called Venta Cruz, which the muletrains often passed through. After a brief skirmish in which an Englishman and one of the Cimaroons were killed, Drake took the town but again there was no treasure. Morale fell to a desperate low for the Englishmen. Drake could do nothing but retreat.