I deal with Public Lands with my work, and it's a fairly complicated matter. The major issue is that 'technically' only a Legal surveyor can specify where that mark is. Typically, it's pretty damn close to the 1:2 year flood line, or where the vegetation trim line is.
From the surveyors act:
For the actual case of who owns the land, see the Water Boundaries information from AEP, and the information on accessing it.
https://www.alberta.ca/water-boundaries.aspx
To put it simply, unless they specifically have it on their title, a watercourse is crown claimed, and you have every right to be there. Worth fighting over, i'm doubtful, especially in that area, but worth asking for a name and phone number so you can talk to a land officer on it. I've had good and bad interactions with landowners on the Fallentimber, including where they have strung fences across the river (definitely illegal under both the Public Lands Act and Canada Navigable Waters Act).
I would suggest touching base with the Public Land Officer for the region and bringing up the interaction and location.