Galway Bay fm newsroom – A Canadian mining exploration company is to seek investors in order to finance further tests and studies in Connemara.
The company – Moag of Toronto – is concentrating its exploration on a site in the Carna area.
The company has been actively drilling and studying land in the Mace area of Carna over the past few years.
They are looking for a mineral called molybdenum which is used to augment a range of other minerals in various processes.
The results have been described as ‘encouraging’ and the exploration has now reached a new stage.
So far, the cost is estimated at hundreds of thousands – the next phase would run into expenditure of between $5-10 million.
CEO of Moag, Peter Cooper, has confirmed that more investment will be sought in the coming months.
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