Deep well drilling investigations were conducted in Kupiškis town from 1951 to 1952, which reached the Upper Devonian Šventoji Formation rocks. This spring flows from the mouth of the 88.31 meters deep well drilled during the investigations mentioned before. Before that, the spring gushed out of a pit about 3 meters long and 1.5 meters wide, located on the bank of the Lėvuo River, connected with the river by the stream just a few meters long. The name Akmenytė comes from the abundance of stones in this area. According to the legend, the devil used to carry stones on his hump which he scattered in the meadows of Akmenytė. The Akmenytė spring is a hydrogeological natural heritage object of local importance, reflecting the natural diversity of the Kupiškis region.
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