Mr. Brett Matich reports

MAX RESOURCE DISCOVERS 5 NEW COPPER AND SILVER TARGETS AT CESAR

Max Resource Corp. has discovered a series of five mineralized outcrops (collectively target area AM-14) on a mining concession within the AM district of its wholly owned Cesar copper-silver project, northeastern Colombia.

Highlights:

• Five newly discovered outcrops of stratiform copper-silver mineralization covering 1,000 square metres;
• Mineralized layers are exposed up to 285 m along strike and range in thickness from 0.8 m to four m;
• Confirms multiple copper-silver-bearing horizons within thick sedimentary rock sequence;
• Strong evidence of 1.5-kilometre continuity of mineralized layers between new discovery and AM-07.

The five discoveries confirm multiple copper-silver-bearing layers within a 700-metre-thick sequence of interbedded sandstones in the AM district. Additionally, there is strong evidence to suggest that one of the newly discovered outcrops (outcrop No. 2) is a continuation of the mineralized horizon at target AM-07, located approximately 1.5 km to the northeast. This supports the company's interpretation that the copper-silver-bearing layers in the AM district are continuous over large distances, similar to the Kupferschiefer and Kamoa-Kakula deposits.

"As we continue to obtain high-grade results and locate significant structural and stratiform copper-silver mineralization, the company's staunch belief in Cesar as a potential for significant deposits comes ever closer to fruition," commented Brett Matich, chief executive officer of Max.

"The AM-14 mapping and sampling outlines an area some 600 to 1,000 metres by 1,000 to 1,200 metres, strongly supporting our belief in Cesar as a regional or district copper-silver target, as opposed to a cluster of smaller unrelated zones. We look forward to assay results in the coming weeks," he concluded.

Description of the mineralization

Preliminary work has determined that mineralization is hosted in layers of medium- to fine-grained sandstone rich in organic material. The copper-silver-bearing horizons are distributed across a 700-metre-thick package of interbedded sedimentary rocks that strike 240 degrees to 260 degrees and dip 30 degrees to 45 degrees northwest. Chalcocite, malachite and azurite are the most abundant copper minerals observed in the outcrop.

All five of the outcropping mineralized beds are open along strike and at outcrop No. 2, the copper-silver-bearing sandstone horizon could be traced along strike for over a distance of 285 m. Similarly, at outcrop No. 5, the mineralized horizon is exposed for over 130 m before disappearing under cover. Layer thickness ranges from 0.8 m at outcrop No. 4 to four m at outcrop No. 5.

Systematic channel sampling of the mineralized outcrop has now commenced. In addition, crews have begun detailed mapping in the vicinity of the discovery with the goal of extending the footprint of mineralization.

Background

The Cesar copper-silver project comprises three districts: AM, Conejo and Uru. Collectively the three contiguous districts stretch over 120 m in north-northeast/south-southwest direction.

This region provides access to major infrastructure established for 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 in expanding its 100-per-cent-owned landholdings; Endeavour will hold an underlying 0.5-per-cent 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 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 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 surface discovery of nine m 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 date Jan. 24, 2023).

Cesar target evaluation

Max has identified and is evaluating 28 targets along the 120 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.

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 within its land package covering more than 1,000 square km.

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 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 its 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.

We seek Safe Harbor.