Mr. Tim McNulty reports

MAX RESOURCE REPORTS PETROGRAPHIC STUDY OF STRATABOUND COPPER-SILVER MINERALIZATION AT CESAR

Max Resource Corp. has provided the results of a petrographic study of the 1.4-kilometre-long AM Horizon, and four other locations within the company's 100-per-cent-owned Cesar copper-silver project, located 420 km north of Bogota, Colombia.

The petrographic analysis of sample rocks was conducted by John G. Payne, PhD, PGeo, of Vancouver Petrographics Ltd. Copper minerals observed in petrographic samples are chalcocite, covellite, native copper, azurite, malachite, chrysocolla and silver. The copper-silver mineralization identified on the Cesar property is a stratabound type and is hosted in siltstone and sandstone associated with reduced facies within the sediments of the Rancheria basin. The company cautions investors that grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.

Assay results of petrographic grab samples:

• 4.51 per cent copper and 39.5 grams per tonne silver for AM Horizon;
• 3.11 per cent copper and 27.5 g/t silver for target B;
• 2.71 per cent copper and 6.3 g/t silver for target C;
• 3.0 per cent copper and 35.6 g/t silver for target E;
• Assay results are pending for target D.

"The petrographic study identified copper minerals and silver, an important byproduct, which further reinforces the Cesar regional model. Our phase II field program is under way and we will continue to conduct rock chip and panel sampling across stratigraphy which the company considers to be representative of in situ mineralization. This program will assist in prioritizing targets for our phase III drilling program. We expect further assay results very soon," Max chief executive officer Brett Matich stated.

"The Max field team is currently investigating what appears to be another mineralized horizon located approximately 40 km north of the newly discovered AM Horizon which would be very significant from a regional prospective," he continued.

The analysis of the petrographic grab samples was completed at the ALS Minerals Laboratory in North Vancouver, B.C. ALS has an ISO/IEC 17025:2005 accreditation.

Max recently reported an entirely new discovery, called the AM Horizon, a northeast-southwest stratabound copper-silver horizon in excess of 1.4 km, which appears to continue under cover in both directions. The mineralized system dips approximately 40 degrees to the northwest on the company's 100-per-cent-owned Cesar copper-silver project (see news release dated Jan. 21, 2020).

Rock chip and panel samples, considered to be representative samples across their reported widths, were collected across mineralized outcrop zones and included highlight values of:

• 2.7 per cent copper and 17.9 g/t silver over 0.5 m;
• 2.1 per cent copper and 8.8 g/t silver over a three m by three m panel;
• 1.6 per cent copper and 8.2 g/t silver over a three m by three m panel.

Cesar copper-silver project

The 100-per-cent-owned Cesar project is located in northeast Colombia within Jurassic sediments and volcaniclastics that run through the length of northern South America and host significant stratabound copper-silver mineralization in Ecuador and Peru. Worldwide deposit examples include the Copperbelt of Central Africa and the Kupferschiefer of Germany and Poland. Max cautions investors that the presence of stratabound copper-silver mineralization at Copperbelt and Kupferschiefer is not necessarily indicative of similar mineralization at Cesar.

Historically, the Cesar copper belt has only been explored from a local context, but never in a broader larger-scale perspective. The initial exploration program identified 19 distinct mineralized copper occurrences over an area of nine square km, which is open in all directions.

The first part of the phase 1 exploration program previously reported grab sample assays ranging from 0.3 per cent to 4.2 per cent copper with: 34 of the 43 assaying in excess of 1 per cent copper, 15 of the 43 assaying in excess of 2 per cent copper, and four of the 43 samples assaying in excess of 3 per cent copper. Silver values ranged from one to 116 g/t. The company cautions investors that grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.

North Choco gold-copper project

North Choco consists of wholly owned mineral applications (150 square km), located approximately 80 km southwest of Medellin, Colombia. The recent NW gold-copper discovery (refer to Oct. 29, 2019, news release) outcrop reported one metre of 49.8 g/t gold and 4.3 per cent copper, which continues under cover in both directions. The target area is also coincident with a long wave infrared (LWIR) anomaly and with elevated gold-copper soil values. Future work would focus on mapping and sampling along strike to extend the zone and on locating additional parallel zones.

Choco gold project

Choco Gold project consists of wholly owned mineral applications (150 square km), located approximately 120 km southwest of Medellin Colombia and cover or are adjacent to historic production of 605,110 ounces of gold by Choco Pacific Mining (1906 to 1990). Source: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private report for Condoto.

The company has commenced discussions with a potential partner with the prerequisite expertise to assist with the gold-bearing conglomerates.

About Max Resource Corp.

Max is a mineral exploration company with an experienced and successful management team focused on advancing the development of its landholdings in the rich mineral belts of Colombia, with significant potential for the discovery of important-scale mineral deposits that can attract major partners.

Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, is the qualified person who has reviewed and approved the technical content of this news release on behalf of the company.

We seek Safe Harbor.