This area - as the information board will attest - is the Leek Basin end of the branch from the Caldon Canal, which flows from Froghall Wharf to the Etruria Staircase, whence it joins the Trent and Mesey Canal. This is a very early canal, finished in 1778, the Leek Branch was completed later, in 1800 and avoids tunneling and cuts for most of its length - it's a 'Contour Canal'. Contour canals follow the contours of the land, wandering around obstacles, instead of directly going where needed in straight lines. This is why the canal distance travelled from Leek to Etruria is close to double the straight line distance!
Needless to say, the towpath is a super way to see the landscape by foot or by bike, though there are stretches that will test your bike, tolerance, suspension and bum! Ask Mrs Dumbunny and me how we know...
The given coordinates are approximately 3m from the cache and - given that it's magnetic - shouldn't give you too much trouble. That last bit was spoken 'tongue-in-cheek'. Happy fossicking around!