Mr. Bruce Counts reports

MAX RESOURCE COMMENCES AIRBORNE GEOPHYSICAL SURVEY AT CESAR

Max Resource Corp. has commenced a high-resolution airborne magnetic and radiometric survey over the entire AM district, the northernmost area of its 100-per-cent-owned Cesar copper-silver project located in northeastern Colombia.

The fixed-wing 4,000-line-kilometre survey will collect data along 125-metre spaced flight lines at a nominal height of 100 m. Flight lines are oriented east-west and cover more than 400 square km of highly prospective ground within the Cesar project. Survey results will be used to assist in developing and refining drill targets by mapping the lithologies and the geological structures that control mineralization. Stratiform copper-silver mineralization at AM is observed where geological faults intersect sedimentary units that are permeable and contain organic material.

"This is the first extensive high-resolution airborne survey conducted in the Cesar basin and it will be an important dataset as we continue to advance the Cesar copper-silver project. The data will allow the company to pinpoint areas with the greatest potential for significant accumulation of copper-silver minerals by identifying where the permissive lithologies have had the greatest amount of structural preparation," commented Bruce Counts, Max vice-president of exploration.

"Max will review the data as it is collected and complete preliminary interpretations that can be followed up in the field," he concluded.

Background

The Cesar copper-silver project comprises three districts: AM, Conejo and URU. Collectively, the three contiguous districts stretch over 90 kilometres in a north-northeast/south-southwest direction.

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 to expand its 100 per cent owned landholdings; Endeavour will hold an underlying 0.5-per-cent NSR (net smelter return).

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 grams per tonne (g/t) silver have been documented in the sedimentary red bed sequences. The company confirmed that stratiform mineralization continues at depth, with two scout drill holes completed earlier this year (Max news release dated April 4, 2023). In addition, Colombian field crews continue to discover and sample new mineralized outcrops, including at the recently identified AM-7 target (Max news release dated May 25, 2023, and Max news release dated June 22, 2023).

Conejo district

Midway south, the Conejo district is the most recent to be recognized, and is characterized by structurally controlled mineralization hosted in intermediate and felsic volcanic rocks. Numerous mineralized outcrops have been discovered over a distance of 3.7 km at the primary target in the district, with surface samples averaging 4.9 per cent copper (2 per cent cut-off). No drilling has been conducted at Conejo, but it has emerged as an area of focus for the company.

URU district

Mineralization within the URU district is hosted in intermediate volcanic rocks and is structurally controlled, similar to deposits in the Central African copper belt. At URU-C, a nine-metre surface discovery of 7 per cent copper and 115 g/t silver was confirmed at depth by drill hole URU-12, which intersected 10.6 m of 3.4 per cent copper and 48 g/t silver. At the URU-CE target, 750 m to the east, 19 m of 1.3 per cent copper discovered in outcrop was confirmed by drill hole URU-9, which intersected a broad zone of copper oxide returning 33 m of 0.3 per cent copper from four m, including 16.5 m of 0.5 per cent copper (Max news release dated Jan. 24, 2023).

Cesar target evaluation

Max has identified and is evaluating 21 targets along the Cesar 90 km long belt for potential drill testing. The company is focused on expanding, refining and prioritizing these targets in preparation for a drill program. Initial efforts have been concentrated on those targets with the greatest size potential, with work that 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.

Regional exploration

Max has demonstrated that the Cesar basin is fertile for copper-silver mineralization over a large area, however, only a fraction of the basin has been explored. As a result, Max has dedicated one of its geological teams to regional exploration with the goal of discovering additional copper-silver prospects over 1,000 square km.

Qualified person

The company's disclosures of a technical or scientific nature in this news release were 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 g/t to 118.1 g/t gold over core lengths ranging from 2.2 m 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 it operates is most important. It conducts exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.

We seek Safe Harbor.