What looks at first like a tidy piece of modern parish upkeep carries older and stranger layers beneath it: a trout said to live perpetually in the water, buried treasure somewhere nearby, and the claim that anyone who has gone digging for that treasure has been driven off by inexplicable animal roars.

The well appears on the Ordnance Survey map of 1842 simply as "Holy Well", and by 1916 had been recorded as "Lady's Well". Folklore gathered from Rathmorrel School noted that even the oldest people in the parish could say little about its origins, though there was a persistent tradition that a church once stood on the same ground. The well is dedicated to Our Lady, and the 8th of September, the feast of her nativity, remains its principal day of observance. On that date Mass is said at the well and crowds come to pay rounds, a devotional practice in which the pilgrim walks a circuit of the well while reciting a rosary, repeating this three times and finishing the final decade on their knees. The parish priest erected a grotto with a statue of Our Lady some years before the school folklore was collected. Older offerings left at the well included medals, rosary beads, hairpins, pennies, and tassels cut from shawls; coins placed in a box for the well's upkeep have since replaced them. The water is said to relieve all pains.