News Release

Max Resource Reports Petrographic Study of Stratabound Copper-Silver Mineralization at Cesar

Vancouver B.C., January 29, 2020 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MXR; OTC: MXROF; Frankfurt: M1D2) is pleased to report the results of a petrographic study of the 1.4 km long AM Horizon, and four other locations within the Company’s 100% owned Cesar copper-silver project, located 420 km north of Bogota, Colombia.

The petrographic analysis of sample rocks was conducted by John G. Payne, Ph.D., P.Geo. 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 (Refer to Figure 1 & 2).  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% copper and 39.5g/t silver for AM Horizon;
• 3.11% copper and 27.5g/t silver for Target B;
• 2.71% copper and 6.3g/t silver for Target C;
• 3.0% copper and 35.6g/t silver for Target E; and
• Assay results are pending for Target D.

“The petrographic study identified copper minerals and silver, an important by-product, which further reinforces the Cesar regional model. Our Phase II field program is underway 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 CEO, 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.

Figure 1. The blue-green mineral observed on the thin section of AM Horizon is malachite.

Figure 2. The blue mineral observed in the hand specimen and thin section of Target B is azurite.

Figure 3. Petrographic location map, rock chip panel assays and AM Horizon discovery.

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 NE-SW 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 NW on the Company’s 100% owned Cesar copper-silver project (Refer to Figure 3 & NR January 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% copper and 17.9g/t silver over 0.5m;

• 2.1% copper and 8.8g/t silver over a 3m by 3m panel; and

• 1.6% copper and 8.2g/t silver over a 3m by 3m panel.

Cesar Copper-Silver Project

The 100% owned Cesar Project is located in north east 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 9 sq. 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% to 4.2% copper with: 34 of the 43 assaying in excess of 1% copper, 15 of the 43 assaying in excess of 2% copper, and 4 of the 43 samples assaying in excess of 3% copper. Silver values ranged from 1 to 116g/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 sq. km), located approximately 80 km SW of Medellin, Colombia. The recent NW Gold-Copper Discovery (refer to 29 October 2019 news release) outcrop reported 1 meter of 49.8 g/t gold and 4.3% 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 sq. km), located approximately 120 km SW of Medellín 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, P Geo (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.

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

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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.sedar.com