The Caroline Rose was one of many fine fishing schooners built in Lunenburg alongside the Blue Nose (The Blue Nose is the schooner on the Dime).

Unlike many of the historic wrecks in Fathom Five National Marine Park, the vessel did not sink accidentally during commercial service. Instead, the schooner was deliberately scuttled by the Tobermory Marine Association in late August 1990 and towed into Driftwood Cove to create a recreational diving attraction.

The wreck lies just outside the official marine park boundary in Georgian Bay but is commonly included among the notable dive sites associated with the Tobermory and Fathom Five area. The schooner measures approximately 132ft (38m) in length and was prepared specifically for diver access prior to sinking.

The wreck is located at the mouth of Driftwood Cove, 7km east of Tobermory. Shortly after she sank, the wreck was badly damaged by a storm surge. The wreck lies in a north south direction and located 4.6m west of the anchor block.

Over the years, the Caroline Rose has become a popular intermediate-level dive because of its relatively intact structure, accessible depth, and abundant marine growth. The cold, clear freshwater conditions of Georgian Bay have helped preserve many structural elements of the vessel. The starboard side is gone and the top deck has collapsed. The port side is intact with the railing. The propeller, diveshaft, and the rudder are present.

• Bass
• salmon

• Propellers
• Driveshaft
• Rudder
• Port side railing