Mr. Brett Matich reports

MAX RESOURCE DISCOVERS NEW COPPER-SILVER ZONE AT THE AM DISTRICT CESAR PROJECT

Max Resource Corp. has discovered a significant copper-silver system, called AM-7, which is located on one of six new application for mining concessions. All six concessions lie within the AM district of Max's wholly owned Cesar copper silver project in northeastern Colombia.

Highlights

• The AM-7 target is the seventh discovery by Max in the AM district.
• The total number of copper-silver targets at the Cesar project now stands at 21.
• The AM-7 mineralized horizon is a tabular body that ranges from 0.3 metre to two m in width, extends over 1,600 m along strike and is open in all directions.
• AM-7 encompasses five historic open cut copper workings extending over 700 m.
• The primary copper mineral is chalcocite (80 per cent by weight copper) with minor malachite.
• Rock chip and channel samples have been collected across the outcroppings and results are pending.
• Six new application for mining concessions were approved this year.

"AM-7 appears to be a significant discovery with potential for multiple stacked mineralized horizons across an impressive strike length of at least 1,600 m and is open in all directions. To date, Max has identified 21 copper silver targets through three districts that span over 90 kilometres of the Cesar copper-rich basin: AM, URU and Conejo," commented Max chief executive officer Brett Matich.

"The significant AM-7 discovery underscores the potential of the Cesar basin to host multiple depositional models as our skilled exploration team continues to make significant copper-silver discoveries," he continued.

"Max is one of the first companies to recognize this part of Colombia is underexplored for copper, and our persistence and patience continues to be rewarded as evidenced by the AM-7 discovery," he concluded.

The AM-7 target represents classic stratiform copper-silver mineralization hosted in interbedded mudstone, siltstone and fine-grained cross-bedded red-bed sandstone of the La Quinta formation. The mineralized horizon is a tabular body that ranges from 0.3 m to two m wide and extends for over 1,600 metres along strike. The mineralized reduced beds are bleached (clay-sericite-calcite-limonite altered) and lie between shallow water red-bed sediments, typically arkose fine-grained sandstone.

Chalcocite is the main copper-bearing mineral in the prospect and is concentrated along stratigraphic laminations, and as disseminated grains. Malachite and azurite have also been observed. Carbonaceous material was associated with all mineralized beds.

Channel and chip samples across AM-7 were collected at intervals over the length of the exposed mineralization. Assays are expected in the coming weeks and will help to define next steps in the evaluation of the AM-7 target.

Target evaluation

Max is evaluating each of the 21 targets it has identified at Cesar for potential drill testing. Assessing each target area includes the following field activities:

• Systematic chip and channel sampling of the mineralized outcrops;
• Detailed geological and structural mapping of each showing;
• Trenching where possible to expose additional mineralization;
• Target-scale prospecting and soil sampling;
• Ground geophysical surveys.

The information gathered during this process will allow the company to select several of the highest priority targets for testing during the next drill campaign.

Background

Max's Cesar project lies along the copper-silver-rich 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 20 mining concessions collectively span over 188 square km.

In 2022, 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 an underlying 0.5-per-cent net smelter royalty.

Starting in the far north of the Jurassic basin, classic stacked red-bed outcrops with extensive lateral continuity have been rock sampled over many kilometres within the AM district. Highlight values of 34.4 per cent copper and 305 grams per tonne silver have been documented in the sedimentary red-bed sequences.

The Conejo district, midway south, demonstrates mineralization at the contact of intermediate and felsic volcanics which outcrops over 3.7 km. The average of surface samples over a 2.0-per-cent cut-off comes in at 4.9 per cent copper.

To the far south, the 2022 inaugural drilling was initiated at two mineralized surface exposures, each located 0.75 km apart and lie within the URU district's 20 km long, two km wide mineralized target area. The drill program at URU-C and URU-CE was the first opportunity to test continuity of the structurally controlled copper silver mineralization within the volcanic host rocks in the subbasinal environment of the Cesar sedimentary basin.

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 36.0 metres.

Max is pro-active, with the corporate goal of transitioning the Cesar basin toward the mining of copper, the key metal for Colombia's transition to clean energy. The safety of the company's people and the communities where it operates is most important. The company conducts exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.

Source: National Instrument 43-101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct. 3, 2011.

We seek Safe Harbor.