Galway Bay fm newsroom - A Canadian mining exploration company estimates that the value of minerals identified in the Mace Head area of Connemara is worth in the region of 300 billion US dollars.
The MOAG company in Toronto is now looking for investors in order to drive the project in the Carna area.
The Canadians call it “Irish Moly” - shorthand for the mineral 'Molybdenum' which lies beneath the ground in the Mace area in Carna.
Molybdenum is used to harden steel and to instil heat and cold resistance into other materials.
The MOAG company has spent some hundreds of thousands of dollars in investigations and drilling in Mace over the past few years and they believe there is a jackpot there.
In their search for further investment in the project the company says that the amount and the quality of molybdenum in Mace is worth three thousand million United States dollars.
That is based on present day prices.
This mineral is in an a 4 kilometre square area and the deposit is estimated at 100 million tons.
However, much more exploratory work would be needed ....and much more investment ...before the complicated mining permit phase would be reached.
