News Release

Max Resource Reports New Highlight Values of 34.4% Copper + 305 g/t Silver within the AM North Zone at its CESAR Project, NE Colombia

Vancouver B.C., July 29, 2020 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MXR; OTC: MXROF; Frankfurt: M1D2) is pleased to report high-grade outcrop values ranging from 3.3% to 34.4% copper and 18 g/t to 305 g/t silver over varying intervals within the 11-km AM North zone at the Company’s wholly-owned CESAR project, located 420-km north of Bogota, Colombia (Figures 1 to 9).

New outcrop rock chip channel and panel assays above 3% copper and above 17g/t silver:

• 34.4% copper + 305 g/t silver across 0.5-metre of continuous outcrop Herradura;

• 16.0% copper + 146 g/t silver over 4-metre by 1-metre open Herradura*;

• 14.2% copper + 215 g/t silver over 0.6-metre open Herradura*;

• 13.5% copper + 95 g/t silver over 0.8-metre open Herradura*;

• 12.1% copper + 89 g/t silver over 1-metre open Herradura*;

• 6.3% copper + 46 g/t silver over 2.0-metre open Herradura*;

• 4.4% copper + 33 g/t silver over 3-metre open Herradura*;

• 6.6% copper + 95 g/t silver over 0.3-metre open Herradura*;

• 5.0% copper + 28 g/t silver over 1-metre open Herradura*;

• 4.9% copper + 42 g/t silver over 0.2-metre open Herradura*;

• 4.6% copper + 21 g/t silver over 0.2-metre open Ventana*;

• 4.4% copper + 37 g/t silver over 0.2-metre open Herradura*;

• 4.0% copper + 36 g/t silver over 1.2-metre open Herradura*;

• 3.7% copper + 22 g/t silver over 0.5-metre open Ventana*;

• 3.3% copper + 18 g/t silver over 0.8-metre open Ventana*.

*Additional rock chip sampling is required, since the full width of the copper-silver horizon is not exposed. Rock chip channel samples are considered to be representative of continuous mineralization (Table 1).

Sample results are from first pass field work. Follow-up exploration is underway.

The AM North 11-km mineralized zone with two sampled mineralization’s, Herradura and Ventana. The Herradura stratabound copper-silver mineralization is open in all directions and currently traced for 2-km along strike, and 3-km of down dip, in erosional windows along the valleys. To the south along the same mineralized trend lies the newly discovered Ventana copper-silver mineralization. Ventana has been mapped and sampled over an area 3-km by 1.5-km and is open in all directions (Figures 1 to 9).

Approximately 40-km to the SWW from AM North along the same trend lies the 4-km by 3-km AM South zone, also open in all directions. The AM North and AM South copper-silver mineralization is interpreted to be of stratabound Kupferschiefer type, hosted in fine-grained clastic sediments: sandstone and siltstone. The copper oxides, malachite and azurite, are typically replaced by primary copper sulfides, chalcocite, at shallow depths.

CESAR’s geological model is based on KGHM’s Kupferschiefer, Europe’s largest copper mine, with production in 2018 of 30 million tonnes grading 1.49% copper and 48.6 g/t silver from a mineralized zone of 0.5 to 5.5-metre thickness. The Kupferschier deposit is also the world’s leading silver producer, yielding 40 million ounces in 2019, almost twice the production of the world’s second largest silver mine (World Silver Survey 2020). Max cautions investors that use of the Kupferschiefer as a geological model is not necessary indicative of mineralization at CESAR.

“The high-grade copper and silver results can potentially increase the prospectivity and scalability of CESAR. Our field teams continue to make new discoveries, building on and confirming the Kupferschiefer-style geological model for CESAR,” said Max CEO, Brett Matich.

“Max is conducting its exploration activities on multiple fronts and continues to meet with success, as we move closer to demonstrating the potential of CESAR as a significant copper and silver district,” he continued.

Figure 1. CESAR – AM North and AM South. https://www.maxresource.com/news/20200729-01.jpg

Figure 2. AM North zone, Herradura and Ventana. https://www.maxresource.com/news/20200729-02.jpg

Figure 3. Herradura high-grade copper-silver area. https://www.maxresource.com/news/20200729-03.jpg

Figure 4. Ventana copper-silver zone. https://www.maxresource.com/news/20200729-04.jpg

Figure 5. Continuous horizon, striking SWW-NEE with shallow dip to the NNW (425916). https://www.maxresource.com/news/20200729-05.jpg

Figure 6. Herradura high-grade horizon (425627). https://www.maxresource.com/news/20200729-06.jpg

Figure 7. Herradura copper-silver horizon (425911). https://www.maxresource.com/news/20200729-07.jpg

Figure 8. Herradura copper-silver horizon (425920). https://www.maxresource.com/news/20200729-08.jp

Figure 9. Ventana copper-silver horizon (875211). https://www.maxresource.com/news/20200729-09.jpg

Herradura Mineralized Zone

Herradura lies at the northern end of the AM North zone. The copper-silver mineralization is interpreted to be stratabound Kupferschiefer type and is open in all directions. The general strike of the copper-silver mineralization is 265 degrees with 15 to 21 degrees dip to the NNW. Mineralization has been traced along strike for 2-km strike and down dip for 3-km. Herradura also contains a high-grade area consisting of 12 outcrops with varying intervals grading 4.0 to 34.4% copper + 28 to 305 g/t silver (Figure 3).

The Herradura initial discovery comprises of two outcrops 1.8-km apart, grading 24.8% copper + 230 g/t silver from a continuous 4-metre by 1-metre rock panel sample (Figure 6) and 1-metre wide rock chip channel sample grading 10.4% copper + 88 g/t silver. In addition, two subsequent bulk samples extracted 1.8-km apart, returned 10.5% copper + 79 g/t silver and 3.5% copper + 29 g/t silver.

The most eastern rock channel samples from Herradura collected across the exposed horizon assayed 34.4% copper + 305 g/t silver over 0.5-metre (Figure 5). Follow-up field work required along the newly discovered horizon.

The Newly Discovered Ventana Mineralized Zone

Copper-silver mineralization at the Ventana zone demonstrates two distinct controls. The first is the stratabound copper-silver mineralization typical to the CESAR region, with a NE-SW strike and a shallow NW dip. Highlight values from the first mineralized event are 2.1% copper and 10.3 g/t silver over 4.2-metre interval that is open along the strike and up and down dip (Figure 9).

The second is related to faulting, resulting in a remobilization of the stratabound mineralization to structures with a general NW-SE trend with a NE dip. This mineralization appears to cross cut primary stratabound mineralization and contains epidote, native copper, cuprite in addition to chalcocite and copper oxides.

Copper-silver mineralization at Ventana is hosted in fine-grained sediments (sandstone and siltstone) and based on field observations it is expected that oxidized zone is rather shallow.

Additional rock chip sampling is underway for both Herradura and Ventana, since the full width of the copper-silver horizon is not exposed (Table 1).

Table 1. Herradura and Ventana mineralization assays above 1.0% copper.

Quality Assurance

All samples were shipped to the ALS Lab sample preparation facility in Medellin, Colombia. Sample pulps are sent to Vancouver, Canada for analysis. All samples are analyzed using ALS procedure ME-MS41, a four-acid digestion with ICP finish. Over limit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an AAS finish. ALS Labs is independent from Max. Max is not aware of any other factors that could materially affect the accuracy or reliability of the data referred to herein.

CESAR Copper-Silver Project Overview

The wholly-owned CESAR project in north east Colombia lies along a 120-kilometre sediment-hosted copper-silver belt, that resembles the Kupferschiefer in Poland. The CESAR region enjoys major infrastructure. Mining operations include Cerrejon, the largest coal mine in Latin America, jointly owned by global miners BHP Billiton, XStrata and Anglo American (Figure X).

Additional highlights and exploration activity on multiple fronts:

• The AM South zone occurs 40-km SSW of the AM North 11-km zone, within the same Kupferschiefer style mineralized trend. The AM South zone extends over an area of 4-kilometres by 3-kilometres, and remains opens laterally. The cumulative strike length of the open-ended AM South horizons exceeds 5.8-kilometres, returning highlight values of 5.8% copper and 80 g/t silver from 0.1 to 25-metre intervals, suggesting these horizons could be of significant size.
• The Fathom Geophysics initial results from the technical study are expected soon; the study was funded by the Company and one of the world's leading copper producers. These studies are focusing on mapping stratigraphic features, distinct rock types and alteration-zones, which will assist in highlighting stratabound copper-silver mineral horizons over the CESAR target zone;
• Geochemical and metallurgical research programs by the University of Science and Technology (“AGH”) of Krakow, Poland are well underway. AGH will bring their extensive knowledge of the world renowned Kupferschiefer copper-silver deposits in Poland to the CESAR project;
• Ongoing structural analysis of the CESAR target zone is being conducted by Ingeniería Geológica Universidad Nacional de Colombia (“IGUN”) in Medellín, with the assistance of the Max field team;
• In respect to the CESAR project, the Company has entered non-exclusive confidentially agreements with one of the world’s leading copper producers and a second with a Global Miner;
• The in-country exploration team has now re-commenced field activities.

Our in-country field team is now mapping, sampling and confirming the continuity of the mineralized horizons and expanding the zones of AM North and AM South.

About Max Resource Corp.

With its successful exploration and management team, Max Resource Corp. is advancing its stratabound Kupferschiefer type copper-silver project in Colombia, that has potential for the discovery of large-scale mineral deposits attractive to 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.