Olkelda is the Icelandic name for a mineral spring. Quite a few of them are scattered over the Snaefells Peninsula. One of them is near the fishing town Grundarfiord, more accurately in the slopes above the retirement home of the town. The water from this spring usually is very good for consumption.
Another one is easily accessible from the main road on the southern side of the peninsula at the farm Olkelda, where people have been drinking the water for centuries and thus prolonging their lives, as they say.