Further exploration for minerals in Connemara heartland

A Canadian mining company has heralded its intention of following the tracks of potentially valuable minerals deep into the heartland of Connemara in the coming years.

The Minister for Communications, Climate Action and Environment has given public notice that he “intends to renew the prospecting licence for Base Metals and Silver” held by MOAG of Toronto in the Carna area.

Scientific reports already show that there are significant – possibly commercially viable – quantities of molybdenum close to Mace Head in Carna.   This location is the primary focus of the molybdenum search which is described in company circles as the “Irish Moly” project.

According to its accounts, MOAG has already spent in excess of $1.5m. Canadian dollars in surveying and boring into the ground at the site, going as deep as 150 metres with some of its drill holes.

MOAG has also carried out some surveying work at another site in Murvey in Roundstone which is also known to have traces of molybdenum.  This mineral is used for adding to the texture and pliability of steel and other materials.  One of its primary strengths is that it has great resistance to erosion and can withstand extremes of temperature.

The main body of the surveying work in Carna has been carried out by S.L.R. Consultants on behalf of MOAG.  This company has offices in Dublin, Belfast and Scotland.  An Údarás na Gaeltacht industrial building in Carna has been their local base and they continue to hold a lease on that premises.

The samples taken at various underground levels in Mace have been stored in this premises where initial assessments and categorisation has taken place.

More minute scanning and examination of the samples from Connemara have confirmed a significant level of molybdenum but its commercial status remain subject to further intensive and costly investigations.

MOAG confirmed last year that it intended carrying out more intensive examinations of the molybdenum deposit at Mace Head.  But any such work was, and is, dependent on investors backing up the project.

MOAG financial statements last year contained the following information: “As of March 31, 2017 the company had working capital deficits of almost 13 million Canadian dollars”.

Mineral exploration is notoriously risky and venture capital has been difficult to come by. Company sources said that the cost of taking the next exploratory step would run into millions.

The development of various types of projects – both land and marine based – in Connemara has been very difficult from an investors point of view and environmental considerations could enter into any mining project.

However, MOAG, appears intent on following through on its exploration, finances permitting.  The increased demand and price for Molybdenum has also buoyed interest in the mineral.  The latest prices for molybdenum on the markets is United States $13 per pound which is double the price the mineral was three years ago; molybdenum had hit a low at that stage due to economic changes in China, in particular.