Max Resource Extends the AM North Copper-Silver Zone from 2.5-km to Over 11-km at CESAR, NE Colombia

Vancouver, June 23, 2020 - Max Resource Corp. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to announce the Ventana Zone, a new stratabound copper-silver discovery at AM North, extends over 11-km north to the Herradura Zone. The newly discovered Ventana Zone lies within Max's wholly-owned CESAR sediment-hosted copper-silver project, located 420-km north of Bogota, Colombia.

The Ventana Discovery Highlights

• This second discovery zone at AM North consisting of three new outcrops along an open-ended 300-metre horizon, returned composite grab sample highlight values of 2.7% copper and 4 g/t silver over 2-metres (Fig. 1, 2, 3 and Table 1). Max considers composite grab sampling as representative, but cautions investors that grab samples can be selective and may not necessarily be representative of in-situ mineralization;

• The Ventana Zone lies within a broad 11-km continuous zone of copper-silver mineralization, trending north to the Herradura Zone, where two previously reported bulk samples 1.8-km apart, returned 10.4% copper+88g/t silver and 3.5% copper+29 g/t silver;

• The style of mineralization and the copper minerals (chalcocite, malachite, azurite, cuprite, and native copper) at Ventana are similar to the copper-silver mineralization at Herradura;

• Additional rock chip channel analyses are pending for both Ventana and Herradura (Fig. 2), as well as AM South, located 40-km SSW along the same mineralized trend. The open-ended AM South mineralized horizons extend over 5-km, returning highlight values of 5.4% copper and 63 g/t silver from 0.1 to 25-metres.

"Extending the AM North stratabound copper-silver zone to over 11-kilometres is a major step towards demonstrating the potential of the CESAR district as a significant copper and silver regional basin. Our field teams continue to make new discoveries, building on and confirming the Kupferschiefer-style geological model for CESAR. We look forward to releasing further exploration results as ALS Mineral Assay Labs clears the backlog resulting from COVID-19," said Brett Matich, CEO of Max.

Fig 1. CESAR target zone location

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Fig 2. AM NORTH, Ventana & Herradura Zones, assays pending locations

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Fig 3. "Ventana Zone" outcrop 425646 - 345° Strike - 64°NE Dip

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Table 1.

Quality Assurance

The composite grab samples were shipped to the ALS Lab sample preparation facility in Medellin, Colombia. Sample pulps are sent to Lima, Peru 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 Sediment-Hosted Copper-Silver Project - Overview

The wholly-owned CESAR project in north east Colombia lies along a 120-km sediment-hosted copper-silver belt, that resembles Kupferschiefer in Poland. KGHM's Kupferschiefer is Europe's largest copper mine, in 2018 producing 30.3Mt of ore grading 1.49% copper and 48.6 g/t silver from a mineralized zone that averages 0.4 to 5.5-metre thickness. In addition, it is the world's leading silver producer, providing 40.2Mozs in 2019, almost twice the production of the world's second largest silver mine, according to the World Silver Survey 2020.

The CESAR region has major infrastructure. Mining operations include Cerrejon, the largest coal mine in Latin America, jointly owned by global miners BHP Billiton, XStrata and Anglo American.

Important highlights for the CESAR Project:

• AM North discoveries lie along a broad 11-km continuous zone of copper-silver mineralization. At the northern end lies the "Herradura Zone", open along-strike and down and up dip; returning values of 24.8% copper+230 g/t silver from a continuous 4-metre by 1-metre rock chip channel and 10.4% copper+88 g/t silver from a continuous 1-metre rock chip channel. Two subsequent bulk samples 1.8-km apart returned 10.4% copper+88g/t silver and 3.5% copper+29 g/t silver. The newly discovered "Ventana Zone", lies 11-km SSW, composite grab samples returned highlight values of 2.70% copper and 4 g/t silver over 2-metres;

• Structural analysis conducted by Ingeniería Geológica Universidad Nacional de Colombia in Medellín concluded that the Kupferschiefer type stratabound copper-silver mineralization at the Herradura Zone forms a continuous mineralized zone;

• Additional assays are pending for both AM North and the AM South discovery located 40-km SSW along the same mineralized trend. The open-ended AM South mineralized horizons extend over 5-km, returning highlight values of 5.4% copper and 63 g/t silver from 0.1 to 25-metre intervals;

• A technical study by Fathom Geophysics in collaboration with one of the world's leading copper producers is well underway (May 13, 2020);

• Mineralogy results from the University of Science and Technology ("AGH") research study are pending. AGH is located in Krakow, Poland and has a long history of cooperation with KGHM, the largest copper producer in Europe and the world's largest silver producer (April 21, 2020);

• Active field work is to re-commence late June.

The exploration strategy is to demonstrate the potential of the CESAR district as a significant copper and silver regional basin.

EBAY Palladium-Platinum Project - Summary

The EBAY palladium-platinum project, located 30-km SE of Matagami in the Abitibi Region of Quebec, Canada, is underlain by the Archean Bell River Complex, a layered mafic intrusion measuring 65-km by 15-km and 5-km thick. Max has entered into an Option Agreement pursuant to which the Company may acquire a 100% interest of EBAY (May 12, 2020).

Highlight exploration of ballast pit sampling between 2000 to 2008 returned: 4.9 g/t palladium-platinum from a 4 to 5-metre wide zone; 3 g/t palladium+1.4 g/t platinum+0.12 rhodium in 2005; 2.5 g/t palladium-platinum from a newly discovered 500-metre long zone in 2006. The Company cautions investors that grab samples are selected samples and are not necessarily representative of mineralization.

EBAY drilling in 2006 intersected 1.90 g/t palladium-platinum over 3-metres from 80.5 to 83.5-metres. Further drilling discovered a new zone comprising 600-metres of strike, 120-metres deep, 6.7 to 31.1-metres wide, open in all directions, with highlight values of 2.52 g/t palladium-platinum. Subsequent aero-magnetic survey extended the target zone to 4.8-km of strike (March 25, 2020).

Choco Platinum Gold Project - Summary

CHOCO gold-platinum project (250 sq.km) is located 120-km SW of Medellin Colombia, within a district with historical production of 1.5Mozs of gold and 1.0Mozs of platinum (1906-1990) by Choco Pacific Mining. Compilation of historical records revealed the potential for related PGE's particularly palladium and rhodium. In addition, recent field work in 2019 by Max resulted in concentrate values of 114 g/t platinum and 341 g/t gold (April 16, 2019). Source: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private Report for Condo to Platinum NL.

About Max Resource Corp.

With its successful exploration and management team, Max Resource Corp. is advancing both its copper, silver and precious metals landholdings in Colombia, and its EBAY palladium-platinum landholdings in Quebec, Canada. Each of these belts 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/

For additional information contact:

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

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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

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