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    News Release

    Max Resource Reports High-Grade Results from AM-08, Including 2.6% Copper + 58 g/t Silver over 15 Metres at its CESAR Project

    Vancouver B.C., November 21, 2023 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MAX; OTC: MXROF; Frankfurt: M1D2) is pleased to report high-grade assay results from continuous rock chip channel sampling collected at the recently discovered AM-08 target, located in the AM District of its wholly-owned Cesar Copper-Silver Project, in Northeastern Colombia (refer to Figures 1 to 4).

    AM-08 Highlights

    Figure 1: AM District Target Map

    Figure 2: AM-08 Chip Channel Sample Locations Map

    Located approximately seven kilometres northwest from AM-08, AM-07 (Max News Release dated September 20, 2023) was discovered by prospecting.

    AM-08 is characterized by the presence of two styles of copper-silver mineralization: structurally controlled and stratiform sediment hosted. Stratiform mineralization at AM-08 has been mapped along strike for 400 metres.

    “The assay results from four outcrops at AM-08 are exceptional and make this a top-priority target for Max. The high-grade results along with the combination of structural and stratiform mineralization provides the Company with the potential for significant deposits,” commented Brett Matich, CEO of Max. 

    “Field crews will now focus on expanding the stratiform mineralization at the AM District, along strike and on identifying other locations where the stratiform and structural mineralization intersect to create wider zones,” he concluded. 

    Figure 3: AM-08 Target – Photograph of Primary Mineralized Outcrop Sampling

    Description of the Mineralization 

    Two types of copper-silver mineralization are observed at AM-08, structurally controlled and stratiform:

    Results

    Assay results from continuous chip channel samples collected at four different locations at the AM-08 target are presented in Table 1 through Table 4 below:

    Table 1: Chip Channel Assay Results from Primary Outcrop (Structurally Controlled Mineralization) at AM-08.

    Sample Number

    UTM Coordinates (WGS84 Z18N)

    Host Rock

    Interval

    Copper

    Silver

    Easting (m)

    Northing (m)

    (m)

    (%)

    (g/t)

    504732

    764,445

    1,208,660

    Hydrothermal Breccia

    1.0

    0.6

    17

    504731

    764,444

    1,208,659

    Hydrothermal Breccia

    1.0

    0.3

    10

    504730

    764,443

    1,208,659

    Hydrothermal Breccia

    1.0

    1.4

    32

    504729

    764,442

    1,208,659

    Hydrothermal Breccia

    1.0

    0.7

    17

    504728

    764,441

    1,208,659

    Hydrothermal Breccia

    1.0

    0.8

    17

    504727

    764,440

    1,208,659

    Hydrothermal Breccia

    1.0

    3.9

    91

    504726

    764,439

    1,208,658

    Hydrothermal Breccia

    1.0

    4.2

    96

    504725

    764,438

    1,208,658

    Hydrothermal Breccia

    1.0

    1.3

    32

    504724

    764,437

    1,208,658

    Hydrothermal Breccia

    1.0

    1.4

    37

    504723

    764,436

    1,208,658

    Hydrothermal Breccia

    1.0

    3.6

    82

    504722

    764,435

    1,208,658

    Hydrothermal Breccia

    1.0

    3.2

    89

    504721

    764,434

    1,208,658

    Hydrothermal Breccia

    1.0

    8.1

    172

    504720

    764,433

    1,208,658

    Hydrothermal Breccia

    1.0

    3.1

    48

    504719

    764,432

    1,208,658

    Hydrothermal Breccia

    1.0

    4.6

    97

    504718

    764,431

    1,208,659

    Hydrothermal Breccia

    1.0

    1.6

    28

    Weighted Average Assay Result

    15.0

    2.6

    58

    including

    10.0

    3.5

    77

    including

    5.0

    4.5

    98

    Table 2: Chip Channel Assay Results from Outcrop of Stratiform Mineralization at AM-08.

    Sample Number

    UTM Coordinates (WGS84 Z18N)

    Host Rock

    Interval

    Copper

    Silver

    Easting (m)

    Northing (m)

    (m)

    (%)

    (g/t)

    504712

    764,176

    1,208,562

    Siltstone

    1.0

    1.9

    25

    504711

    764,175

    1,208,563

    Siltstone

    0.5

    0.0

    0.3

    504710

    764,174

    1,208,564

    Siltstone

    1.0

    0.0

    0.3

    504709

    764,174

    1,208,564

    Siltstone

    1.0

    2.7

    47

    504708

    764,173

    1,208,565

    Siltstone

    0.8

    0.9

    15

    504707

    764,173

    1,208,566

    Siltstone

    1.0

    0.3

    8

    Weighted Average Assay Result

    5.3

    1.1

    16

    Including

    1.8

    1.8

    31

    Table 3: Chip Channel Assay Results from Outcrop of Structurally Controlled Mineralization at AM-08. 

    Sample Number

    UTM Coordinates (WGS84 Z18N)

    Host Rock

    Interval

    Copper

    Silver

    Easting (m)

    Northing (m)

    (m)

    (%)

    (g/t)

    504705

    764,307

    1,208,659

    Dacite

    1.0

    4.9

    93

    504703

    764,309

    1,208,660

    Dacite

    1.0

    0.1

    2

    504704

    764,308

    1,208,659

    Dacite

    1.0

    0.3

    8

    Weighted Average Assay Result

    3.0

    1.8

    34

    Including

    2.0

    2.5

    48

    Table 4: Chip Channel Assay Results from Outcrop of Stratiform Mineralization at Target AM-08.

    Sample Number

    UTM Coordinates (WGS84 Z18N)

    Host Rock

    Interval

    Copper

    Silver

    Easting (m)

    Northing (m)

    (m)

    (%)

    (g/t)

    504736

    764,121

    1,208,520

    Siltstone

    0.6

    2.9

    23

    504735

    764,120

    1,208,520

    Siltstone

    0.6

    0.7

    10

    504734

    764,119

    1,208,519

    Siltstone

    0.6

    1.8

    22

    Weighted Average Assay Result

    1.8

    1.8

    18

    Quality Assurance

    All AM-08 rock chip samples are shipped to ALS Lab'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. Over-limit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an atomic absorption spectroscopy finish. ALS Labs is independent from Max.

    Corporate

    Max is pleased to announce that further to its news release dated (Max News Release dated November 7, 2023), it has closed its acquisition of all the issued and outstanding shares of Bay Street Mineral Corp. (“Bay Street”), an arm’s-length Canadian corporation. Max has obtained TSX-V approval for this acquisition. 

    In consideration for the acquisition of Bay Street, Max issued the sole shareholder of Bay Street a total of 14,000,000 common shares (“Shares”) in the capital of Max. The Shares are subject to escrow and shall be released over a 36-month period, commencing on the closing date of the acquisition.  Bay Street holds an underlying 3% net smelter royalty (“Royalty”), over 19 mining concessions covering 184-km² and 31 mining concession applications covering 796-km² of the Company’s wholly-owned Cesar Copper Silver Project (the “Royalty”). Through its acquisition of Bay Street, the Company has re-acquired interest to the Royalty.

    Background

    The Cesar Copper Silver Project comprises of three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch over 120-km in NNE/SSW direction (refer to Figure 4).

    This region provides access to major infrastructure from oil & gas and mining operations, includes Cerrejón, the largest coal mine in South America, held by global miner Glencore. Max’s 20 mining concessions collectively span over 188-km². 

    In 2022, Max executed a 2-year co-operation agreement with Endeavour Silver Corp. (TSX: EDR, NYSE: EXK), which assists to expand its 100% owned landholdings, Endeavour will hold an underlying 0.5% NSR.

    Figure 4: Cesar Copper Silver Project

    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% copper and 305 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) and AM-08 target (Max News Release dated September 20, 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% copper (2% 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. At URU-C, a 9.0m of 7.0% copper and 115 g/t silver surface discovery was confirmed at depth by drill hole URU-12, which intersected 10.6m of 3.4% copper and 48 g/t silver. At the URU-CE target, 750m to the east, 19.0m of 1.3% copper discovered in outcrop was confirmed by drill hole URU-9, which intersected a broad zone of copper oxide returning 33.0m of 0.3% copper from 4.0m, including 16.5m of 0.5% copper (Max News Release date January 24, 2023). (Note: all drill intersections are down holes widths, not true width, which remains unknown at this time.)

    Target Evaluation

    Max has identified and is evaluating 27 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:

    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 on of its geological teams to regional exploration with the goal of discovering additional copper-silver prospects over 1,000 sq-km.

    Qualified Person

    The Company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, P.Geo (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 Corp. (TSXV: MAX) 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 property (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, 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 36.0m.

    Max is proactive, with the corporate goal of transitioning the Cesar basin towards the mining of copper, the key metal for Colombia’s transition to clean energy. The safety of our people and the communities where we operate is most important. We conduct exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.

    Source: NI 43:101 Geological Report RT Gold Project for Max Resource Corp. by Luis Rodrigo Peralta, Mar. 8, 2023. NI 43:101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011.

    For more information visit: https://www.maxresource.com/

    For additional information contact:                                                       

    Tim McNulty
    E: info@maxresource.com
    T: (604) 290-8100 

    Rahim Lakha
    E. rahim@bluesailcapital.com                                                  

    Brett Matich
    T: (604) 484 1230

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law.    

    Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein.

    The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.

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