Mr. Brett Matich reports

MAX RESOURCE ANNOUNCES COMMENCEMENT OF DRILL PROGRAM AT URU, CESAR COPPER-SILVER PROJECT IN NE COLOMBIA

Max Resource Corp. has commenced the very first drill program at URU-C and URU-CE, lying along the 20-kilometre-long URU district, within the company's wholly owned 90 km long Cesar copper-silver project in northeastern Colombia.

The inaugural drill program at URU-C and URU-CE consists of at least 2,000 metres of drilling on four pads with eight drill holes testing to a maximum depth of 350 m. This is the first ever drilling program within the URU 20 km long copper-silver district.

A second-phase drilling program will immediately follow and continue through to year-end.

Highlights:

• Drilling is currently under way at URU-C and URU-CE, targeting down-dip continuity while identifying the broader large-scale potential of this copper-silver mineralized system.
• Multiple geophysical targets within the URU-C and URU-CE zones will also be drill tested.
• Max anticipates mineralized intervals will be released prior to assays, as the chalcocite copper mineralization is distinctly visual as veinlets, stockworks and breccias.

URU-C and URU-CE drill target delineation:

• Max has extended the ground magnetometry (TMI) survey to 20 line km over the northern extension.
• Representative rock and soil sampling will be carried out along all induced polarization and TMI lines (20 line km) and along the northern extensions to delineate new drill targets.

In addition, a magnetotelluric (MT) survey is also planned to complement historic seismic data available for the Cesar basin.

"This inaugural drill program at URU will provide the first peek at the geology, the continuity and broad extent of the copper-silver mineralization at depth, for both URU-C and URU-CE discoveries. Follow-up drilling will target mineralization along strike and newly defined geophysical targets," commented Max chief executive officer Brett Matich.

"To gauge the enormity of the URU district, Max's drilling is currently targeting a significant one km of strike of the URU 20 km long surface copper-silver mineralized system," he continued.

"In addition, Max's $20-million treasury allows the company to continue its aggressive exploration and geophysical programs well into 2023 and highlight the immense district-scale potential of its Cesar copper-silver project," he concluded.

First URU-Central discovery (URU-C) returned chip channel widths of nine m at 8 per cent copper plus 115 grams per tonne silver (new results) and 16.8 m at 8.3 per cent copper plus 146 g/t silver at the lower of the prospect. The upper level of URU-C (over 190 m vertically above and over 290 m along strike) returned 4.9 per cent copper plus 41 g/t silver along a 52 m ridgeline; true width is yet to be determined.

The second discovery, URU-CE, is located 750 m to the east of URU-C and 373 m vertically above URU-C chip channels that returned nine m at 7 per cent copper plus 115 g/t silver and 16.8 m at 8.3 per cent copper plus 146 g/t silver. URU-C consists of substantial-sized outcrops with visible copper mineralization trending for over 250 m of strike and open in all directions. Continuous channel sampling at URU-CE returned 19.4 m at 1.3 per cent copper plus 2.5 g/t silver to be drill tested.

Quality assurance and quality control

Max adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core samples will be securely transported to the company's core facility in Valledupar, Colombia. Samples will be sawn in half, labelled, placed in sealed, securitized bags and shipped directly to ALS Laboratories for prep in Medellin, Colombia, and subsequent assaying in ALS Lima, Peru.

QA/QC control procedures include the systematic insertion of duplicate, blank and certified reference materials (CRM) at regular intervals into the sampling stream. Geochemistry analyses will consist of four-acid/inductively coupled plasma mass spectrometry (ME-MS61) with overlimit values subsequently analyzed using the four-acid/ICP-AES (ME-OG62) technique.

In addition, all drill holes are surveyed for deviation via north-seeking gyro surveys. The deviation surveys provide accurate data about the true inclination and azimuth of the drill hole. Obtaining an accurate survey of the drill holes will result in a better contextual understanding of the drill samples, and a more robust 3-D geological model. Max is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy of the data referred to herein.

Cesar copper-silver project summary

Cesar lies along the copper-silver-rich 200-kilometre-long Cesar basin in northeastern Colombia. This region provides access to major infrastructure resulting from oil and gas and mining operations, including Cerrejon, the largest coal mine in South America, held by global miner Glencore. Max's 21 mining concessions collectively expanse over 188 square km.

Max is pro-active, with the corporate goal of transitioning the Cesar basin toward the mining of copper, the key metal for the Colombia's transition to clean energy.

Max executed a two-year co-operation agreement with Endeavour Silver Corp., which assists Max to significantly expand its 100-per-cent-owned landholdings at Cesar; Endeavour will hold underlying 0.5-per-cent net smelter return.

Max is focusing on three major copper-silver districts individually located along 90-kilometre-long Cesar belt, with the objective of defining drill targets. The next step is inaugural drilling program at URU-C and URU-CE:

• The 32 km long AM district with highlight values of 34.4 per cent copper and 305 g/t silver;
• The Conejo district averages 4.9 per cent copper (2-per-cent cut-off) over 3.7 km;
• The 20 km long URU district includes the URU-C and URU-CE discoveries, highlight channel sampling of:
  • Nine m at 7 per cent copper plus 115 g/t silver;
  • 16.8 m at 8.3 per cent copper plus 146 g/t silver;
  • 52 m at 4.9 per cent copper plus 41 g/t silver;
  • 19.4 m at 1.3 per cent copper plus 2.5 g/t silver.
• Regional exploration continues along the 90-kilometre-long Cesar copper-silver belt.

Geologically, Max interprets the sediment-hosted copper-silver mineralization in the Cesar basin to be analogous to both the Central African copper belt (CACB) in the south and the Kupferschiefer deposits in Poland of the Cesar copper-silver belt to the north. Almost 50 per cent of the copper known to exist in sediment-hosted deposits is contained in the CACB, including Ivanhoe Mines Ltd.'s 95-billion-pound Kamoa-Kakula discovery in the Congo.

Kupferschiefer, the world's largest silver producer and Europe's largest copper source, is a mining orebody ranging from 0.5 to 5.5 m thick at depths of 500 m, grading 1.49 per cent copper and 48.6 g/t silver. The silver yield is almost twice the production of the world's second-largest silver mine.

Qualified person

The company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, who serves as a qualified person under the definition of National Instrument 43-101.

About Max Resource Corp.

Max Resource is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly owned Cesar project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world-class infrastructure and the presence of global majors (Glencore and Chevron).

In addition, Max controls the RT gold project (100-per-cent earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and three km to the northwest, a gold-bearing massive sulphide zone. Historic drilling in 2001 returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36 metres.

The safety of Max's people and the communities where it operates is most important. Max conducts exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.

We seek Safe Harbor.