Cove Island is a couple of miles north of Tobermory. Don't even think about going anywhere near Cove Island without Cdn Chart 2274 which shows the area including the numerous reefs in excellent detail. There are two anchorages but realistically only one for boats of any size. Don't go into "Boat Passage" which is the northernmost inlet. You can easily get into Cove Island Harbour which is at the south west side of the island. Approach from the south and watch your charts and GPS carefully. The water is very clear and the bottom (rocks!!) are easily seen on the bottom even in 25+ ft of water. After crossing a shoal area carrying at least 10ft if I recall correctly, you will find yourself in a pool 40+ feet deep partially protected from the west by Harbour Island. Line yourself up with the harbour entrance There is a narrow passage but it is easily navigable by favouring the north (port) side of the passage. This is clearly shown on chart 2274 and the shoal on the stbd side is visible in the clear water. We had good holding in about 8 - 10 ft and there is room for at least 6 boats although I have heard of far more in there. It gets shallow near "The Cut" at the SE end which is a narrow passage that has a bit of a reversing falls as the currents ebb and flows out to the big lake.
It is well protected but you can find yourself trapped if a long blow comes up from the west I wouldn't anchor there on a tight schedule.
Although Tobermory is relatively close, I wouldn't recommend dinghying in unless you have a large and robust dinghy or you could fiind yourself trapped in Tobermory or in trouble on the water. (My dinghy is only 8 ft with 3.5hp so judge for yourself!)
After anchoring in a quiet idyllic spot, you will be surprised to see a huge glass bottomed boat full of friendly tourists (Blue Heron V) come charging up the channel and circle the anchorage. That would be a good time to either be ultra cool
and ignore them or wave and smile as they take pictures of your beautiful boat anchored in this great spot
. If you see Blue Heron V anywhere in the area, feel free to hail the captain on ch 16 and he can give you a report on how many boats are anchored there before you head in.
Have a look at Google Maps and you will have a sense of the comments above. There is a single boat anchored in the middle of the harbour in the Satellite View of Google Maps (or Google Earth at approx 45deg 17' N, 81deg 43' W)