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Beowulf: Madjan Peak Shows Epithermal Gold Potential

The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in the
public domain.

1 June 2020

Beowulf Mining plc

("Beowulf" or the "Company")

Madjan Peak Shows Epithermal Gold Potential

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, announces results from the soil sampling
programme completed across the Madjan Peak gold target at Vardar
Mineral's ("Vardar") Mitrovica licence in Northern Kosovo.


· Extensive gold anomaly identified over an area approximately 1400
metres x 700 metres, with individual soil samples returning up to
0.36 grammes per tonne ("g/t") gold.

· The gold anomaly correlates well with anomalous Arsenic, Copper,
Lead, Mercury, Strontium and Antimony, and geological mapping has
shown the presence of extensive argillic alteration.

· The scale and size of the anomaly, together with coincidental
multi-element anomalies and extensive hydrothermal alteration, are
comparable to significant high-sulphidation epithermal gold deposits
within the region.

· Furthermore, a new lead-zinc-copper-gold target has been
identified to the south of Madjan Peak, of particular significance
given its situation, approximately 3 kilometres from the Stan Terg
lead-zinc-silver mine which dates back to the 1930s (historical
production records: 34 million tonnes at 3.45 per cent lead, 2.30 per
cent zinc and 80 g/t silver).

· Vardar is finalising plans to fly an ultra-detailed drone magnetic
survey over Mitrovica. Vardar has acquired the drone, sensors and
support equipment and has developed flight automation software over
the winter period. This software is now in testing and when completed
will assist in flying accurate low-level survey lines across
mountainous terrain.

· The geophysics programme is being designed to map out alteration
zones and identify potential structural controls to mineralisation,
as well as full 3D IP/DC surveys designed to directly map sulphides
and resistivity contrasts associated with mineralisation.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"The results of the soils programme are extremely exciting, suggesting
potential for discovery of an epithermal gold deposit at Madjan Peak
and for lead-zinc-copper mineralisation further south, a stone's
throw away from the World Class Stan Terg lead-zinc-silver deposit.

"The Mitrovica licence is located immediately to the west and
northwest of the Stan Terg mine, and has already yielded exploration
targets which Vardar believes are all related to a potentially much
larger porphyry style mineralised system, based on meticulous
geological mapping of hydrothermal alteration and interpretation of
trench, drilling and soil geochemical exploration data.

"Vardar is now finalising plans for ground and airborne geophysical
surveys over Madjan Peak, as soon as COVID-19 restrictions allow
resources to be fully mobilised. Drilling would follow target
definition and could take place later this year."

"In addition to the soils programme, 157 rock grab samples have also
been collected and sent for analysis at ALS Bor. Results are
expected mid-June.

"We look forward to keeping the market updated on further

Madjan Peak - Background

The Madjan Peak gold ("Au") target is defined by a zone of intense
argillic alteration capped by an extensive blanket of advanced
argillic alteration which forms the hilltop. The target shares many
characteristics of a high-sulphidation epithermal gold system, with
distinct gold anomalies, including rock grab sample results of up to
7.2 g/t, associated with gossanous zones of vuggy quartz.

The target forms a prominent peak in the centre of an area notable for
its significant lead-zinc-silver ("Pb"-"Zn"-"Ag") deposits, likely
related to the same hydrothermal system, including the Stan Terg
Pb-Zn-Ag mine which dates back to the 1930s (historical production
records: 34 million tonnes at 3.45 per cent lead, 2.30 per cent zinc
and 80 g/t silver).

Regionally, the Balkan portion of the Tethyan Arc hosts a number of
World Class epithermal Au deposits including: Chelopech (>5 Moz); Bor
(9 Moz); and Madjanapek (8 Moz).

Sampling was conducted on a 50 m x 50 m grid, covering an area of
approximately 2.0 km x 1.5 km. A total of 726 samples were sent to
ALS Bor in Serbia for processing and fire assay (ALS code ICP-22),
which included sample replicates, duplicates, blanks, and control
source material. A pXRF was used for multi-element analysis. Results
from this latest programme provided a significant improvement in
resolution compared with the broad regional soil sample programme
undertaken in 2019.

Au anomalies on the Majdan Peak ridge correlate well with anomalous
Arsenic, Copper, Lead, Mercury, Strontium and Antimony, extending
broadly across an area of approximately 1400 m x 700 m. Distinct
higher grade trends are apparent within the broader anomaly, possibly
indicative of structural controls to higher grade mineralisation.

In addition to the primary Madjan Peak Au target, a new multi-element
anomaly has been delineated to the south of the main peak. This
anomaly correlates well with anomalous rock grab samples (including
individual samples with 0.79 g/t Au) with galena veins apparent in
some of the outcropping gossans.

Investment in Vardar

Beowulf owns 42.2% of Vardar, a UK registered private exploration
company with exploration licences in Kosovo. The Company funded
Vardar's 2019 works programme including diamond drilling, geophysical
surveys, and other activities. Results helped develop our
understanding of the copper and gold porphyry potential at both the
Mitrovica and Viti projects.

Porphyry deposits are exceptionally large, low grade, polymetallic
systems, that typically contain copper along with other metals, such
as gold, silver, zinc, and lead. Examples in the region include the
Kiseljak deposit in Serbia (Inferred Resource: 459 million tonnes at
0.22 per cent copper, 0.2 grammes per tonne gold. Source: Dunav
Resources' announcement, June 2014) and the Skouries high grade
gold-copper deposit in Greece (Measured and Indicated Resource: 289
million tonnes at 0.43 per cent copper and 0.58 grammes per tonne
gold. Inferred Resource: 170 million tonnes at 0.34 per cent copper
and 0.31 grammes per tonne gold. Source: Eldorado Gold).

At Mitrovica, located immediately to the west and northwest of the
World Class Stan Terg lead-zinc-silver mine, potential not only
exists for the discovery of additional lead-zinc-silver deposits, but
also for the discovery of high-level epithermal gold deposits and for
copper-zinc deposits.

It is simplistic to think of these targets, which occur along a seven
kilometre trend, in isolation. However, Vardar believes the targets
are all related to a potentially much larger porphyry style
mineralised system, based on meticulous geological mapping of
hydrothermal alteration and interpretation of trench, drill and soil
geochemical exploration data.

At Viti, initial stratigraphic holes, drilled in 2019, intersected the
correct alteration type, returning gold and visible copper
mineralisation, that indicates potential for the discovery of a
mineralised copper-gold porphyry in a hitherto unexplored area.


Induced Polarisation (IP) - Variations in chargeability can be
diagnostic, for example, when aiming to characterize a mineral
deposit (e.g. Mt. Isa), where the chargeability of the mineralized
zone is often higher than the host rock. Often an induced
polarization (IP) experiment is performed with the Direct Current
Resistivity (DCR) hence they are often called DC-IP survey. Both
conductivity and chargeability distribution can be recovered from a
DC-IP survey.


m - metres

km - kilometres

m - metres

mm - millimetres

Moz - million ounces

BLEG - Bulk Liquid Extractable Gold

CRMs - Certified Reference Materials

QA/QC - Quality Assurance/Quality Control

XRF - X-Ray Fluorescence

Competent Person Review

The information in this announcement has been reviewed by Mr. Chris
Davies, a Competent Person ("CP"), who is a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr. Davies has
conducted a desktop review of source documents and data which
underpin the technical statements disclosed herein and approves the
disclosure of technical information in the form and context in which
it appears in this announcement, in his capacity as a CP as required
under the AIM rules. Mr. Davies has visited Vardar's Mitrovica and
Viti projects in Kosovo.

Mr. Davies has sufficient experience, that is relevant to the content
of this announcement, to qualify as a CP as defined in the 2012
Edition of the "Australasian Code of Reporting of Exploration
Results, Mineral Resources and Ore Reserves".

Mr. Davies BSc (Hons) Geology, MSc DIC Mineral Exploration, FAusIMM,
is a Non-executive Director of Beowulf and is an exploration/economic
geologist with more than 35 years' experience in the mining sector.

About Beowulf Mining plc

Beowulf's strategy is to build a sustainable and innovative mining
company, which creates shareholder value by developing mining assets,
delivering production and generating cash flow, and in so doing meets
society's ongoing need for minerals and metals.

Beowulf is developing a high-quality asset base, which is diversified
by geography and commodity, enabling it to simultaneously advance
several projects up the mining value curve and create shareholder

Additionally, the Board of Directors continues to look beyond the
Company for value creation opportunities.

The Company's first priority remains the award of the Exploitation
Concession for Kallak North, and thereafter completing the Scoping
Study. The introduction of a strategic partner/investor who
understands the value of Kallak as a high-quality asset, which could
be in production within four to five years, is an ongoing
consideration, but does not preclude the Company from continuing to
add value to Kallak in the meantime.

Fennoscandian Resources ("Fennoscandian"), the Company's graphite
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