Yes I think so. I got the location details from the 1988 'Old Photographs' book which, in fairness, isn't always correct however I have found a link to the same picture which has it as Coatesfield https://narrowboatmagazine.com/converted/47056/last_traffics_on_the_ts_coatesfield__cirencester#:~:text=One of the last traffics,the quarry left by boat…
It is one of the quarries marked on this map. Just after the canal takes a sharp right turn at Coatesfield Bridge, shortly after passing the roundhouse and railway bridge at Coates.