12:23 PM EST, 12/16/2024 (MT Newswires) -- United Lithium ( ULTHF ) Monday said its Bergby Lithium Project has been designated as a project of national interest by the Geological Survey of Sweden, protecting the area from measures that may hinder future mining.

The company said the designation recognizes the project's potential to supply lithium to Sweden and Europe.

The project, located in central Sweden, consists of ten exploration licenses covering 7,897 hectares and has five drill-confirmed spodumene bearing pegmatites with a combined strike length of over 4,000 meters, highlighting its excellent potential for further discovery, it said.

"Today's announcement marks a major milestone in our advancement of the Bergby Lithium Project," said chief executive Scott Eldridge. "We are very pleased that SGU decided Bergby meets the requirements to receive the national interest designation as an area with future mineral deposit importance."

The company's shares were last seen down $0.01 to $0.17 on the Canadian Securities Exchange.

Price: 0.17, Change: -0.01, Percent Change: -5.56