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Beowulf: Viti Drilling Intersects Copper-Gold Porphyry System

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.

8 October 2019

Beowulf Mining plc

("Beowulf" or the "Company")

Viti Drilling Intersects Copper-Gold Porphyry System

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and
development company, provides an update on its investment in Vardar
Minerals Limited ("Vardar") and exploration results for the
prospective Viti license in south eastern Kosovo, following the
completion of an orientation drill programme over a target
prospective for porphyry related mineralisation.

Drill testing was designed to test the extent and type of alteration
associated with an extensive three kilometre ("km") gossanous
outcrop, which had previously returned anomalous copper ("Cu") and
gold ("Au") concentrations in rock grab samples. In addition, soil
samples were collected to determine the extent of possible anomalous
metal concentrations over the target area.


· Drilling has identified highly altered trachyte porphyry dykes
with associated Cu and Au mineralisation.

· Soil sampling results have returned anomalous Cu and Au
correlating with outcropping gossans.

· Results indicate that drilling has intersected the upper part of
a porphyry system.

· Further work will focus on Cu-Au target delineation using a
combination of detailed magnetic and Direct Current - Induced
Polarisation ("DC-IP") survey. Follow-on drilling is planned for the
next field season in 2020.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"Viti is showing real potential as a copper-gold mineralised porphyry
target. While it is still early days, porphyry deposits are typically
large mineralised systems which can be amenable to open pit mining
and therefore represent extremely attractive exploration targets.

"The drilling from an initial stratigraphic hole in an unexplored area
has demonstrated the presence of anomalous gold and visible copper
with the hydrothermal alteration characteristics of a porphyry
system. This is an outstanding result from the Vardar team, and
testament to the rigorous technical exploration work leading up to
the drilling.

"Combined with the recent announcements for Wolf Mountain and
Mitrovica South, the Company's £1 million investment in Vardar has,
in the Board's view, already created significant value for Beowulf's

"Last week, the Board had an excellent visit to Kosovo, and I look
forward to keeping the market updated on further progress."

Work Summary

Previous Work:

The Viti project is situated in south-eastern Kosovo and is made up of
three adjacent licences covering 213 km2. The licences cover an
interpreted circular intrusive identified from regional airborne
magnetic data. There is evidence of intense alteration typically
associated with porphyry systems, with several copper occurrences and
stream sample anomalies in proximity to, and within the project area.

In the south-east of the project area, reconnaissance mapping
identified several zones of intense argillic alteration, hydrothermal
breccias and iron oxide stockworks. The interpretation of regional
magnetic data suggests that alteration is located on the margin of a
large caldera structure, which supports the case for porphyry

Mapping carried out during the 2017 and 2018 field seasons has
identified prominent silicified gossans, breccias and iron oxide
stockworks with intense argillic alteration, often associated with
trachyte dykes.

An extensive, 3 kilometres ("km") gossan, identified in the southeast
of the project area. The main target area includes a gossanous zone,
approximately 300 metres ("m") by 200m, surrounded by a zone of
intense argillic alteration, approximately 1.5km in diameter.
Sampling over the gossan has returned encouraging results, with
anomalous Cu at 0.99 per cent and Au 0.16 grammes per tonne ("g/t"),
along with elevated molybdenum and zinc, potentially related to the
deeper part of an uplifted porphyry system with associated phyllic


Two stratigraphic drill holes, totalling 439m, were designed to
cross-cut the gossanous zone in order to provide information on the
extent and type of alteration, and potential for associated
mineralisation. Diamond drilling was carried out in August 2019. All
drill core was split and sent to ALS Global (Bor and Loughrea) for

Several anomalous Au intersections associated with altered trachyte
dykes were identified, including down the hole intersections of 1m at
0.5 g/t Au and 10m at 0.12 g/t. Logging of drill core also identified
disseminated chalcopyrite mineralisation in altered trachyte dyke

Soil Sampling:

298 soil samples were collected on a 200m x 50m grid across the area
of interest. Two samples were collected at each position, one for
BLEG analysis and a second for analysis using portable XRF. Samples
were screened through a 2mm sieve in the field. The XRF samples were
further screened to -180 µm. Field duplicates, replicates, CRM's and
blanks were included in the analysis for QA/QC purposes. Soil sample
results have identified a distinct multi-element anomaly associated
with outcropping gossans.

Beowulf's Investment in Vardar

· On 6 November 2018, Beowulf announced that it had acquired a 14.1
per cent interest in Vardar for the consideration of £250,000,
satisfied in cash. The Company's investment enabled Vardar to
complete its 2018 exploration programme.

· On 15 April 2019, the Company announced that it had exercised its
option to increase its ownership in Vardar to approximately 37.6 per
cent for the consideration of £750,000, satisfied in cash, fully
funding Vardar's 2019 Kosovan exploration programme at the Mitrovica
and Viti projects. The Company has an option to invest a further
£115,000, which would increase its ownership to 40.1 per cent.


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.

Hydrothermal Alteration - also referred to as wall rock alteration, is
a general term that encompasses many processes by which rock-forming
minerals are altered due to reactions accompanying the flow of heated
aqueous fluids along fractures and grain boundaries

Stratigraphy - the branch of geology concerned with the order and
relative position of strata and their relationship to the geological


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.


Beowulf Mining plc
Kurt Budge, Chief Executive Officer Tel: +44 (0) 20 3771 6993
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Soltan Tagiev Tel: +44 (0) 20 3470 0470
Tim Blythe / Megan Ray Tel: +44 (0) 20 7138 3204

Cautionary Statement

Statements and assumptions made in this document with respect to the
Company's current plans, estimates, strategies and beliefs, and other
statements that are not historical facts, are forward-looking
statements about the future performance of Beowulf. Forward-looking
statements include, but are not limited to, those using words such as
"may", "might", "seeks", "expects", "anticipates", "estimates",
"believes", "projects", "plans", strategy", "forecast" and similar
expressions. These statements reflect management's expectations and
assumptions in light of currently available information. They are
subject to a number of risks and uncertainties, including, but not
limited to , (i) changes in the economic, regulatory and political
environments in the countries where Beowulf operates; (ii) changes
relating to the geological information available in respect of the
various projects undertaken; (iii) Beowulf's continued ability to
secure enough financing to carry on its operations as a going
concern; (iv) the success of its potential joint ventures and
alliances, if any; (v) metal prices, particularly as regards iron
ore. In the light of the many risks and uncertainties surrounding any
mineral project at an early stage of its development, the actual
results could differ materially from those presented and forecast in
this document. Beowulf assumes no unconditional obligation to
immediately update any such statements and/or forecasts.


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