In the Ozark National Forest, 160-acre scenic Cove Lake features swimming, hiking, camping, and fishing. There are 28 family-unit campsites, 24 family-unit picnicking sites, restrooms with hot showers, drinking water and boat launching ramp. Boating and jet skis are allowed on Cove Lake. A "no wake" restriction is enforced on the lake during holidays and weekends. Camping trailers are allowed; but, there are no special facilities available. Concession services include boat rental and food service from Memorial Day to Labor Day.

This mountain lake is located in the shadow of Mount Magazine near Paris along Scenic Ark. 309. At 2,753 feet, the highest elevation in Arkansas, Mount Magazine provides panoramic views of the surrounding Ozark National Forest, Arkansas and Petit Jean river valleys, and Ouachita National Forest to the south, and is home to Mt. Magazine State Park.

The lake is home to catfish, bass and perch. It is stocked every other year, although a small amount of catfish are stocked annually and just prior to a yearly kid's fishing derby.