Max Resource Significantly Expands the CONEJO Copper-Silver Zone at CESAR North, Colombia

Vancouver, May 11, 2021 - Max Resource Corp. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report new assay results increasing the area of the CONEJO Zone by 500% at CESAR North, within the wholly-owned CESAR copper-silver project in North Eastern Colombia (refer to Figure 2).

The latest set of assays expands the CONEJO copper-silver zone to an area covering 3.2-km by 1.6-km. The CONEJO zone still remains open in all directions, lying along the mid portion of the 80-kilometre-long CESAR North copper-silver belt. CONEJO assay results include:

• Highlights of 3.0% copper and 22.6 g/t silver over intervals of 1.0-metre by 1.0-metre rock panels;
• Ten rock panel samples returned values above 1.0% copper;
• The CONEJO discovery returned values above 5.0% copper from twenty-three rock panels varying from 5.0-metre by 5.0-metre to 1.0-metre by 1.0-metre;
• Sixty-six panel samples returned values over 1.0% copper (refer to Figure 3 and Table 1).

The CONEJO mineralization occurs both as a stockwork of cross cutting fractures and as disseminated mineralization hosted in igneous rock. Observed minerals include: chalcocite, native copper, cuprite and copper oxides. Epidote is commonly associated with the copper mineralization (refer to Figure 1).

"Newly discovered in March of this year, and although early stage, CONEJO appears to have scalable potential. Systematic mapping is now underway to determine both the density and orientation of the mineralized structures," commented Max CEO, Brett Matich.

"Over the last 18 months, Max has significantly extended CESAR North, consisting of five discoveries spanning over 80-km of strike, demonstrating a district-scale sediment-hosted copper-silver system," he continued.

"In addition, the Max team are eagerly awaiting assay results from another new discovery, the URU zone located 30-km south, which seems to be very similar mineralization to CONEJO," he concluded.

Figure 1. The CONEJO copper-silver mineralization.
https://www.maxresource.com/images/news/MXR_EN_2021-05-11-Figure1.jpg

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Figure 2. CONEJO zone location.
https://www.maxresource.com/images/news/MXR_EN_2021-05-11-Figure2.jpg

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Figure 3. CONEJO sample locations and geochemistry.
https://www.maxresource.com/images/news/MXR_EN_2021-05-11-Figure3.jpg

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Table 1. CONEJO assay results. Max cautions investors that rock panel and representative sampling can both be selective and are not necessarily representative of the mineralization.

Max interprets the sediment-hosted stratabound copper-silver mineralization of the Cesar Basin to be analogous to the Kupferschiefer Basin in Poland. The Kupferschiefer deposits, Europe's largest copper source, produced 3MT of copper in 2018 and 40 million ounces of silver in 2019 from an orebody 0.5 to 5.5-metres thick, grading 1.49% copper and 48.6 g/t silver. This silver yield is almost twice the production of the world's second largest silver mine.

Source: World Silver Survey 2020 and Kupferschiefer Deposits & Prospects in SW Poland, September 27, 2019. Max cautions investors that the presence of copper-silver mineralization at Kupferschiefer is not necessarily indicative of similar mineralization at CESAR.

CESAR COPPER-SILVER PROJECT IN COLOMBIA - OVERVIEW

The CESAR project, that covers a significant portion of the 200-km long Cesar Basin in North Eastern Colombia, has now been demonstrated to contain widespread highly prospective copper-silver mineralization.

This region enjoys major infrastructure as a result of oil & gas and mining operations, including Cerrejon, the largest coal mine in Latin America, jointly owned by global miners BHP Billiton, Xstrata and Anglo American (refer to Figure 2).

Due to the district-scale copper-silver prospectivity of the Cesar Basin, Max has implemented a multi-faceted exploration program for 2021:

Advanced Drill Core Analysis and Modelling: ongoing interpretation of seismic sections and analysis of historical drill holes are all being integrated into our structural modelling of the Cesar Basin, in collaboration with Ingeniería Geológica Universidad Nacional de Colombia ("IGUN") in Medellín (January 7, 2021 NR);

Geochemical and Mineralogical: geochemical and mineralogy research programs by the University of Science and Technology ("AGH") of Krakow, Poland. AGH bring their extensive knowledge of KGHM's world renowned Kupferschiefer sediment-hosted copper-silver deposits in Poland to the CESAR project;

Geophysics: Fathom Geophysics is interpreting regional airborne magnetic and radiometric data, funded by the Company in collaboration with one of the world's leading copper producers;

Proprietary Field Exploration & Techniques: Max's exploration teams continue to explore copper-silver stratabound targets at CESAR;

• CESAR North 80-kilomtre-long-copper-silver belt (refer to Figure 2):

  • In 2020, Max identified the AMS (previously named AM South) and AMN (previously named AM North) stratabound copper-silver zones, collectively spanning over 45-km², with highlight values of 0.1 to 34.4% copper and 5.0 to 305.0 g/t silver over intervals ranging 0.1 to 25.0-metres;
    
    
  • In March 2021, Max reported the CONEJO discovery, now spanning an area of 3.2-km by 1.6-km and open in all directions. CONEJO returned values above 5.0% copper from 23 rock panels varying from 5.0m by 5.0m to 1.0m by 1.0m, 66 rock panel samples returned values over 1.0% copper (March 24, 2021 NR). Highlight assays above 9% copper and 50 g/t silver:
    • 12.5% copper + 84 g/t silver over 5.0-metre by 5.0-metre
    • 10.5% copper + 50 g/t silver over 3.0-metre by 2.0-metre
    • 10.4% copper + 95 g/t silver over 5.0-metre by 5.0-metre
    • 10.2% copper + 62 g/t silver over 5.0-metre by 5.0-metre
    • 10.0% copper + 80 g/t silver over 5.0-metre by 5.0-metre
    • 8.7% copper + 89 g/t silver over 5.0-metre by 5.0-metre
    • 8.4% copper + 60 g/t silver over 5.0-metre by 5.0-metre
    • 7.9% copper + 21 g/t silver over 5.0-metre by 5.0-metre
    • 7.7% copper + 84 g/t silver over 5.0-metre by 5.0-metre
    • 7.4% copper + 47 g/t silver over 5.0-metre by 5.0-metre
      
      
  • Early April 2021, Max identified the URU zone, located 30-km south of the CONEJO zone. Sampling indicated the presence of copper mineralization extending over 3.7-km, and open in all directions. Rock samples were sent to ALS for analysis, with results expected in May;
    
    
  • Late April 2021, Max identified the SP target, which lies along the mid portion of the CESAR North 80-km belt in line with the four previous copper discoveries URU, CONEJO, AMN and AMS. Rock samples were sent to ALS for analysis, with results expected in June;
    
    
  • Exploration continues on CONEJO, URU and SP;
    
    

• CESAR West: Max has initiated a first pass field program to identify copper-silver mineralization along the new CESAR West 180-kilometre-long copper-silver target zone.

QUALIFIED PERSON

The Company's disclosure of a technical or scientific nature in this news release has been 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. is an Energy Metals and Precious Metals exploration company, engaged in advancing both its district-scale CESAR copper-silver project in Colombia and the newly acquired RT Gold project in Peru. Both projects have potential for the discovery of large-scale mineral deposits; both sediment-hosted-type copper-silver in Colombia and high-grade gold porphyry and massive sulfide in Peru.

Max Resource was awarded a Top 10 Ranked Company in the Mining Sector on the TSX Venture 50™ for 2021, achieving a market cap increase of 1,992% and a share price increase of 282% in 2020.

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

TSX Venture 50™ for 2021 video: Max Resource Corp. (TSXV: MXR) - 2021 TSX Venture 50 - YouTube

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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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