Mr. Brett Matich reports

MAX RESOURCE REPORTS HIGH-GRADE COPPER & SILVER ASSAYS FROM AM-7, AT THE CESAR PROJECT

Max Resource Corp. has released assay results from channel samples collected at the recently discovered AM-7 target. AM-7 lies within the 20-kilometre-long AM district, located at the northern end of Max's wholly owned Cesar copper-silver project in northeastern Colombia.

The copper-silver mineralization is hosted in fine-grained sandstone and mudstones with chalcocite as the primary copper-bearing mineral. Exploration crews working the AM-7 target have identified multiple horizons of high-grade stratiform mineralization.

Highlights:

• Channel samples were collected across mineralized outcrops with intervals ranging from 0.3 metre to 3.8 metres (refer to attached table):
  • Nine returned values of 4.0 per cent copper and above;
  • Seven returned values greater than 2.0 per cent copper;
  • 18 returned values of 1.0 per cent copper and above;
  • 24 returned values of 10 grams per tonne silver and above.
• Multiple channel samples returned high grades, encompassing five historic open-cut copper workings:
  • 18.3 per cent copper and two g/t silver over 1.5 m (419093);
  • 6.0 per cent copper and 48 g/t silver over 1.0 m (876707);
  • 5.9 per cent copper and 56 g/t silver over 1.5 m (876734);
  • 5.0 per cent copper and 138 g/t silver over 1.0 m (876711);
  • 4.0 per cent copper and 48 g/t silver over 1.0 m (878707).
• Further channel assays are pending.

"The Cesar basin continues to reward the perseverance of our skilled technical team as demonstrated by the discovery of AM-7 and the impressive assay results," stated Max chief executive officer Brett Matich.

"The high-grade copper-silver mineralization has been identified in multiple, stacked horizons across an impressive strike length of more than two km and remains open in all directions," he continued.

"Since the commencement of the 2023 exploration campaign, the Max field team has identified 21 copper-silver targets across three separate districts: AM, Conejo and Uru. All three districts are located along a 90-kilometre belt in the Cesar basin. Max continues to intensify exploration in the Cesar basin with the objective of delineating a new world-class copper-silver belt," he concluded.

AM-7 target

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 3.8 m wide and extends for over two km along strike. Bedding attitudes are consistent, striking 240 degrees to 260 degrees and dipping 25 degrees to 35 degrees.

Chalcocite is the main copper-bearing mineral 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.

Cesar target evaluation

Max has identified and is evaluating 21 targets along the Cesar 90-kilometre belt 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.

Background

Max's Cesar project lies along the copper-silver-rich Cesar basin in northeast 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 span over 188 square kilometres.

In 2022, Max executed a two-year co-operation agreement with Endeavour Silver Corp., which assists to expand its 100-per-cent-owned landholdings; Endeavour will hold an underlying 0.5-per-cent net smelter return royalty.

AM district

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 g/t silver have been documented in the sedimentary red-bed sequences.

Conejo district

Midway south, the Conejo district 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.

Uru district

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-kilometre-long, two-kilometre-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.

Quality assurance

All Cesar rock-chip samples are shipped to ALS's sample preparation facility in Medellin, Colombia. Sample pulps were sent to Lima, Peru, for analysis. All samples were analyzed using ALS procedure ME-MS41, a four-acid digestion with inductively coupled plasma finish. Overlimit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an atomic absorption spectroscopy finish. ALS is independent from Max.

Sample pulps sent to Actlabs in Medellin, Colombia, for analysis. The Actlabs Medellin analytical technique was TD-AA, a four-acid digestion of a 0.25-gram sampled for copper and silver analyzed on an atomic absorption (AA) unit, both with upper limits of 100 parts per million for silver and 10,000 parts per million for copper. Overlimits for copper or silver were analyzed with the 8-4 acid ICP technique, a four-acid digestion of a 0.4-gram sample. Actlabs is independent from Max.

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 from 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0 m.

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 the company operates is most important. Max conducts exploration in a manner that supports protection of ecosystems through responsible environmental stewardship.

We seek Safe Harbor.