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2019-09-24

Beowulf: Extensive Lead-Zinc-Silver Mineralisation at Wolf Mountain Target with Significant Potential for High-grade Feeder...

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.

24 September 2019

Beowulf Mining plc

("Beowulf" or the "Company")

Extensive Lead-Zinc-Silver Mineralisation at Wolf Mountain Target with
Significant Potential for High-grade Feeder Structures

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 Wolf
Mountain lead-zinc-silver target ("WM"), situated in the central part
of the Mitrovica Project in northern Kosovo.

Highlights:

· Drilling and trenching results have confirmed extensive
lead("Pb")-zinc("Zn")-silver("Ag") mineralisation over an area of 800
metres ("m") in length and 400m in width in the northern part of WM,
with significant potential for high-grade feeder structures.

· Over a three-month period, 278.5m of trenching and 1,609m of
drilling were completed and 755 samples were sent for assay.

· Trenching - highlights:
· Trench WM-T01 returned 1.43 per cent Pb, 1.87 per cent Zn and 11
grammes per tonne ("g/t") Ag over 51.0m, including 2.01 per cent Pb,
3.17 per cent Zn and 18 g/t Ag over 12.5m; and

· Trench WM-T02 returned 2.7 per cent Pb, 0.55 per cent Zn and 10
g/t Ag over 18.0 m and 3.6 per cent Pb, 0.64 per cent Zn and 14 g/t
Ag over 8m.

· WM-T01, T02 and T03 all returned anomalously high Pb-Zn-Ag
concentrations for intersected zones.

· Drilling - highlights (All intercepts are `down the hole'
thicknesses and not `estimated true' thickness):

·
· Hole WM001 returned 1.2 per cent Pb, 0.36 per cent Zn and 10 g/t
Ag over 14.1m;

· Hole WM003 returned 1.4 per cent Zn over 4.15m;
· Hole WM004 returned 1.27 per cent Pb, 0.91 per cent Zn and 8 g/t
Ag over 8.9m; and 1.4 per cent Zn over 20.9m;

· Hole WM006 returned 1.38 per cent Zn over 19.3m;
· Hole WM007 returned 2.69 per cent Pb, 0.4 per cent Zn and 16 g/t
Ag, over 4.3m;

· Hole WM009 returned 1.29 per cent Pb over 3.0m;
· Hole WM010 returned 2.45 per cent Zn over 2.0m; and
· Hole WM014 returned 2.14 per cent Zn over 1.0m.
· The results have added significant value in understanding the
geometry of the target which shares many similarities to the Crnac
Pb-Zn deposit (non-JORC compliant 3.5 million tonnes ("Mt")
containing 8.1 per cent Pb, 3.2 per cent Zn, 120 g/t Ag) and the
Zijaca Pb-Zn deposit (non-JORC compliant 5.2 Mt containing 2.83 per
cent Pb, 2.83 per cent Zn and 16 g/t Ag). Zijaca is 3.3 kilometres
("km") southeast of WM North along trend.

· Vardar is planning to conduct Direct Current - Induced
Polarisation ("DC-IP") surveys, the results of which, when combined
with detailed magnetic data, will be used for targeting high-grade
sulphide-dominant Pb-Zn-Ag mineralisation associated with both
mineralised breccia and feeder structures.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"We are excited about the results of Vardar's 2019 exploration
programme, which demonstrate that the Wolf Mountain target has
potential for economic mineralisation within an extensive lead-zinc
mineralised system.

"Drilling and trenching results have confirmed extensive
mineralisation over an area of 800 metres in length and 400 metres in
width in the northern part of Wolf Mountain, with significant
potential for high-grade feeder structures.

"Wolf Mountain is adjacent to the Zijaca lead-zinc deposit, which is
situated approximately three kilometres to the southeast, and both
have similar geological settings to the nearby Stan Terg
lead-zinc-silver mine, which is situated approximately six kilometres
to the southeast of Wolf Mountain, which dates back to the 1930s and
which is estimated to have produced 34 million tonnes at 3.45 per
cent lead, 2.3 per cent zinc and 80 g/t silver.

"The Wolf Mountain target is expressed on surface as a four kilometres
long gossan, together with extensive hydrothermal alteration and
breccia zones, which expands laterally at its northern extremity
under a cap of volcanoclastic rocks.

"Vardar is planning DC-IP geophysical surveys to detect the presence
of sub-surface conductive zones, which will be targeted by further
drilling, aimed at intersecting potential high-grade feeder
structures found in similar lead-zinc-silver deposits in Kosovo.

"Beowulf is also expecting to receive soil sampling results for the
southern part of the Mitrovica licence, covering the Majdan Peak
epithermal gold target and porphyry targets, and I look forward to
keeping the market updated on further progress."

Swedish Translation:

"Vi är glada över resultaten från Vardar`s prospekteringsarbete.
Resultaten demonstrerar att Wolf Mountain prospektet har potential
för ekonomisk mineralisering över ett extensivt bly-zink
mineraliserat system.

"Resultat från borrningar och dikesgrävningar har bekräftat omfattande
mineraliseringar över ett område som mäter 800 meter i längd och 400
meter i bredd i denna norra delen av Wolf Mountain. området har stor
potential för höghaltiga "feeder" strukturer.

"Wolf Mountain ligger i närheten av Zijaca bly-zink fyndighet, som
ligger ca. tre kilometer mot sydost. Både Wolf Mountain och Zijaca
har liknande geologisk miljö som närliggande Stan Terg
bly-zink-silver gruva, som ligger ca. sex kilometer sydost om Wolf
Mountain. Stan Terg har varit i produktion sedan 1930-talet med en
beräknad produktion av 34 miljoner ton med 3,45 procent bly, 2,3%
zink och 80 g/t silver.

"Wolf Mountain prospektet kan ses vid ytan som en fyra kilometer lång
"gossan" tillsammans med extensiv hydrotermal omvandling och breccia
zoner som expanderar lateralt i norr under ett lock av
vulkanoklastiska bergarter.

"Vardar planerar DC-IP geofysiska mätningar för att detektera närvaro
av konduktiva zoner under markytan och vidare testa dessa med
fortsatta borrningar i syfte att genomskära potentiella höghaltiga
"feeder" strukturer hittade i liknande bly-zink-silver fyndigheter i
Kosovo.

"Beowulf väntar även på resultat från jordprovtagningen i södra delen
av Mitrovica licensen, vilken täcker Majdan Peak epitermala guld
prospekt och porfyriska prospekt. Jag ser fram emot hålla marknaden
uppdaterad med fortsatta framsteg."

Work Summary:

The WM drill programme included 14 diamond drill holes targeting
Pb-Zn-Ag mineralisation associated with the extensive gossan situated
in the central part of the Mitrovica licence area. Prior to drilling,
a series of trenches were mapped and sampled across thicker portions
of the gossan in the northern and southern extensions of the target.
The objective of drilling was to prove vertical continuity of the
mineralisation and to identify high-grade feeder structures.

The gossan outcrops along a four kilometre zone closely following a
major shear which bounds the eastern extent of Jurassic ultramafic
rocks. On the northernmost extent, the gossan outcrop follows the
contact between the ultramafic and overlying Oligo-Miocene
volcanoclastic rocks. The northern area ("WM-North") is of interest
due to the laterally extensive outcrop of Pb-Zn-Ag bearing gossan and
apparent intersection of the north northeast trending gossan with a
distinct north west oriented mineralised trend which includes the
Zijaca deposit, approximately three kilometres southeast of the
target.

Drilling and trenching work focussed on the northern and southern
extensions of WM (WM-North and South respectively). Mineralisation
differs in the two areas:

· Mineralisation at WM-North includes an extensive relatively flat
lying mineralised breccia zone at the contact between Jurassic
ultramafic and overlying Oligo-Miocene volcaniclastic rocks, as well
as potential for steeper high-grade feeder structures. Drilling in
this area focused on demonstrating the continuity of mineralised
breccia under the cap of volcanoclastic rocks.

· The WM South target is characterised by outcropping mineralised
iron-oxides which outcrop on hilltops and ridges over several hundred
metres. Drilling in this area focused on intersecting the associated
sulphide mineralisation of these gossanous ridges at depth.

Drilling

A total of 14 diamond holes were drilled into the WM target totalling
1,609m. All holes were piloted with PQ and telescoped to HQ core size
when stable ground was intersected. Drill holes were surveyed at 30m
intervals downhole using a Reflex EZ-TRAC survey tool and core was
oriented using a Reflex ACT II kit. All drill collars were surveyed
using a Leica Viva RTK DGPS unit. Selected drill core intersections
were cut and sampled according to appropriate geological
characteristics for laboratory analysis. A total of 268 composite
samples were taken from cut drill core. Samples were collected at
approximately 0.5, 1.0 and 2.0m intervals dependant on intersected
zone of interest.

A total of 278.5m of trenching was carried out using a combination of
excavator and manual digging. Trenches were mapped and composite
samples collected on the trench base using rock saw and chisels. A
total of 509 composite samples were collected over 0.5m to 2.0m
intervals based on geological interest.

All samples were double bagged and packed in batches of gravel
oversize bags prior to transporting to ALS Bor for processing.
Appropriate blanks and CRMs were inserted at 30 and 50 sample
intervals for QA/QC. Sample processing including crushing, splitting
and pulverising was carried out at ALS Bor. Multi-element ICP-AES
analysis (ALS code ME-ICPORE) for base metal ores following a strong
oxidising acid digestion was carried out on all samples at ALS
Galway. Selected samples were also fire-assayed for gold.

Drill holes WM001 to WM004 focussed on anticipated sulphide feeder
structures below the mineralisation mapped in trenches WM-T01, T02
and T03. Drill holes WM005 to WM011 were then designed to intersect
the extensive relatively flat lying mineralised breccia below the
ultramafic-volcanoclastic unit contact.

Intersection highlights for drill and trench results are provided in
Table 1 and 2.

Table 1. Drill intersection highlights

Drill Intersection # Ag (g/t) Pb % Zn % Down hole (m) From (m) To (m)
hole
WM001 1 10 1.2 0.36 ...

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