Mr. Brett Matich reports

MAX RESOURCE REPORTS HIGH-GRADE ASSAYS AT AM-14, CESAR PROJECT INCLUDING 2.2% COPPER AND 12.8 G/T SILVER OVER 5.2M

Max Resource Corp. has received high-grade assay results from rock-chip channel sampling collected at the AM-14 target in the AM district of its wholly owned Cesar copper-silver project in northeast Colombia.

Highlights

The assays at AM-14 confirm copper-silver stratiform mineralization at Cesar is extensive and demonstrate significant thickness:

• Results include 2.2 per cent copper and 12.8 grams per tonne silver over 5.2 metres and 4.8 per cent copper and 53.6 g/t silver over 2.2 metres.
• AM-14 lies along a 15-kilometre corridor of high-grade, stratiform copper-silver mineralization.
• Four distinct copper-silver-mineralized horizons have been discovered at AM-14.

"We are elated to confirm that high-grade copper and silver assay results over substantial widths from the numerous outcrops at AM-14 not only confirm our thesis of Kupferschiefer-style mineralization but also substantiate our belief that the 15-kilometre corridor of mineralization has the potential to host a significant deposit," commented Brett Matich, chief executive officer of Max.

"Max's field team is currently expanding the exploration footprint at AM-14 to define the limits of the copper-silver mineralization and to obtain a thorough understanding of the multiple mineralized horizons both in the context of AM-14 and, equally important, in the context of the Cesar basin," he concluded.

Description of the mineralisation

Mineralization is hosted in layers of medium-grained 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 four of the outcropping mineralized beds are open along strike with copper-silver-bearing sandstone horizons traced for up to 285 metres along strike. Crews continue to map the area in deal with the goal of extending the footprint of mineralization. Assays from the two remaining outcrops discovered at AM-14 are pending and will be released when received.

Results

Assay results from continuous chip channel samples collected at two different locations at the AM-14 target are presented in the attached tables.

Quality assurance

All Cesar rock-chip samples are shipped to ALS's sample preparation facility in Medellin, Colombia. Sample pulps sent to Lima, Peru, for analysis. All samples were analyzed using ALS procedure ME-MS41, a four-acid digestion with inductively coupled plasma finished. 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.

Background

The Cesar copper-silver project comprises three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch over 120 kilometres in the 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 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 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 (see Max's 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 (see Max's news release dated May 25, 2023, and Max's 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 kilometres 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 9.0 metres of 7.0 per cent copper and 115 grams per tonne silver was confirmed at depth by drill hole URU-12, which intersected 10.6 metres of 3.4 per cent copper and 48 grams per tonne silver. At the URU-CE target, 750 metres to the east, 19.0 metres 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 33.0 metres of 0.3 per cent copper from 4.0 metres, including 16.5 metres of 0.5 per cent copper (see Max's news release dated Jan. 24, 2023).

Cesar target evaluation

Max has identified and is evaluating 28 targets along the 120-kilometre-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;
• Target-scale prospecting and soil sampling;
• Airborne magnetic/radiometric 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 within its land package covering more than 1,000 square kilometres.

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 kilometres to the northwest, a gold-bearing massive sulphide zone. Historic drilling in 2001 returned values ranging 3.1 grams per tonne to 118.1 grams per tonne gold over core lengths ranging from 2.2 metres 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 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.