Max Resource Reports 3.7-km High-Grade Copper-Silver Zone at CONEJO, Northeastern Colombia

Vancouver, November 3, 2021 - Max Resource Corp. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report high-grade assay results at CONEJO, located along the CESAR North 90-kilometre-long copper-silver belt, within the wholly-owned CESAR project in North Eastern Colombia (refer to Figure 1).

• The CONEJO high-grade zone now extends over 3.7-km with average grade of 4.9% copper using 2% cutoff (refer to Figure 2).
• To date, 13 rock samples returned values greater than 8.0% copper; 53 returned values greater than 5.0% copper; 93 returned values of 2.0% copper and above; 36 returned values greater than 20 g/t silver over widths ranging from 0.5 to 20.0m. Highlight values of 12.5 % copper and 126 g/t silver (refer to Table 1).
• In addition, composite results include 7.5% copper and 86 g/t silver over widths of 6.0m (878814 to 878816); 5.2% copper and 46 g/t silver over widths of 10.0m (878820 to 878824) and 3.2% copper and 32 g/t silver over widths of 10.0m (878804 to 878808) (refer to Figures 2 to 8).

Highlights:

- 9.9% copper and 50 g/t silver over widths of 2.0m chip channel (878823)
- 9.3% copper and 126 g/t silver over widths of 2.0m chip channel (878814)
- 7.5% copper and 93 g/t silver over widths of 2.0m chip channel (878839)
- 7.3% copper and 100 g/t silver over widths of 2.0m chip channel (878816)
- 7.0% copper and 56 g/t silver over widths of 2.0m chip channel (878751)

Highlights 2021:

- 12.5% copper and 84 g/t silver over 5.0m by 5.0m panel (878335)
- 10.5% copper and 50 g/t silver over 3.0m by 2.0m panel (878603)
- 10.4% copper and 95 g/t silver over 5.0m by 5.0m panel (878338)
- 10.2% copper and 62 g/t silver over 5.0m by 5.0m panel (878334)
- 10.0% copper and 80 g/t silver over 5.0m by 5.0m panel (878363)
- 8.6% copper and 89 g/t silver over 5.0m by 5.0m panel (878336)
- 8.4% copper and 60 g/t silver over 5.0m by 5.0m panel (878337)

The CONEJO mineralization is hosted in a stockwork within igneous host rock and is associated with the presence of epidote. Observed minerals include: chalcocite, native copper, cuprite and copper oxides.

"The presence of high-grade copper in both the stratabound horizon and within the igneous hosted stockwork cutting the copper horizon suggest CONEJO to be a significant stand alone copper target capable of hosting a substantial copper deposit," commented Max CEO, Brett Matich.

"In addition, the Max technical team has commenced a targeted exploration program over the 48-km² URU zone, located 30-km south of CONEJO," he continued.

"In 20 years, BloombergNEF says copper miners need to double the amount of global copper production, just to meet the demand for a 30% penetration rate of electric vehicles from the current 20Mt a year to 40Mt. Max shareholders are well positioned to take advantage, with significant potential for district-scale discoveries throughout the CESAR basin," he concluded.

Figure 1: CONEJO Location

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_002full.jpg

Figure 2: CONEJO 3.7-km >2.0% copper (refer to Table 1)

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_003full.jpg

Figure 3: (878814-816) and (878820-824)

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_004full.jpg

Figure 4: (878804-808)

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_005full.jpg

Figure 5: (878603)

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_006full.jpg

Figure 6: (876823)

To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_007full.jpg

Figure 7: (878617,619,620,621)

To view an enhanced version of Figure 7, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_008full.jpg

Figure 8: (878751)

To view an enhanced version of Figure 8, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_009full.jpg

Table 1. Rock assays >2.0% copper collected from the 3.7-km high-grade zone (refer to Figure 2 to 8). Max cautions investors that panel and representative grab sampling can be selective and may not be representative of mineralization at CESAR.

Max interprets the CONEJO sediment-hosted stratabound copper-silver mineralization in the Cesar basin to be analogous to both the Central African Copper Belt (CACB). Almost 50% of the copper known to exist in sediment-hosted deposits is contained in the CACB, including Ivanhoe Mines Ltd (TSX: IVN) 95-billion-pound Kamoa-Kakula copper deposits in the Congo.

Source: Central African Belt Descriptive models, grade-tonnage relations, and databases for the assessment of sediment-hosted copper deposits with emphasis on deposits in the Central Africa Copperbelt, Democratic Republic of the Congo and Zambia by USGS 2010. Kamoa-Kakula by OreWin March 2020. Max cautions investors that the presence of copper mineralization of the Central African Copper Belt are not necessarily indicative of similar mineralization at CESAR.

QUALITY ASSURANCE

All CESAR rock chip samples are shipped to ALS Lab's sample preparation facility in Medellin, Columbia. Sample pulps are then sent to Lima, Peru, for analysis. All samples are 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.

Max uses standard chip and channel sampling where possible, but also relies on composite grab sampling. Max considers composite grab samples to be representative but cautions investors that individual grab samples can be selective and may not be representative of continuous mineralization at CESAR.

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.

CESAR COPPER-SILVER PROJECT IN COLOMBIA - OVERVIEW

CESAR lies along the copper-silver rich 200-kilometre-long Cesar Basin in northeastern Colombia. This region enjoys major infrastructure resulting from oil & gas and mining operations, including Cerrejon, the largest coal mine in Latin America, now held by global miner Glencore (refer to Figures 1 and 5).

Figure 9. CESAR Project location.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3834/101818_c69198cd94217970_010full.jpg

Due to the district-scale and 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: 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.

Geophysical: Fathom Geophysics is interpreting seismic data, funded by the Company in collaboration with one of the world's leading copper producers.

Proprietary Field Exploration & Techniques: Max's in-country exploration teams continue to target new copper-silver stratabound mineralized zones.

CESAR North 90-kilometre-long-copper-silver belt:

- In 2020, Max discovered both the copper-silver rich AMS (previously named AM South) zone and the AMN (previously named AM North) zone 40-km north, collectively spanning over 45-km². Highlight values of 1.0 to 34.4% copper and 5 to 305 g/t silver. Intervals range 0.5 to 25.0m

- In March 2021, Max's announced the CONEJO discovery, now spanning 3.7-km of strike and open in all directions. To date, 13 rock samples returned values greater than 8.0% copper; 53 returned values greater than 5.0% copper; 93 returned values 2.0% copper and above; 36 returned values greater than 20 g/t silver over widths ranging from 0.5 to 20.0m. Highlight values are 12.5 % copper and 126 g/t silver CONEJO (November 3, 2021 NR):

- 12.5% copper + 84 g/t silver over 5.0m by 5.0m
- 10.5% copper + 50 g/t silver over 3.0m by 2.0 m
- 10.4% copper + 95 g/t silver over 5.0m by 5.0m
- 10.2% copper + 62 g/t silver over 5.0m by 5.0m
- 10.0% copper + 80 g/t silver over 5.0m by 5.0m
- 9.9% copper and 50 g/t silver over widths of 2.0m
- 9.3% copper and 126 g/t silver over widths of 2.0m

- The 2021 URU discovery is located 30-km south of CONEJO, now expanded to 48-km² and open in all directions. URU appears to have major-scale potential; Highlight values of 0.5 to 14.8% copper and 5 to 132 g/t silver. Widths range 1.0 to 10.0m (October 7, 2021 NR):

- 14.8% copper and 132 g/t silver outcrop over 1.5m x 0.8m
- 6.5% copper and 6 g/t silver outcrop over widths of 1.0m
- 5.6% copper and 87 g/t silver outcrop over 1.0m by 1.0m
- 4.3% copper and 8 g/t silver outcrop over widths of 10.0m
- 3.9% copper and 7 g/t silver outcrop over widths of 10.0m
- 3.6% copper and 12 g/t silver outcrop over widths of 10.0m
- 3.0% copper and 6 g/t silver outcrop over widths of 10.0m
- 3.0% copper and 37 g/t silver outcrop over widths of 10.0m

- By late April 2021, at CESAR North 90-km belt MAX had identified five copper discoveries URU, CONEJO, SP, AMN and AMS

- The new SP target reconnaissance composite grab sampling over a 25.0m outcrop averaging 4.8% copper and 51 g/t silver is considered very significant (September 7, 2021 NR)

- Exploration continues on the CONEJO and URU zones

- In addition, Max has initiated the process of mineral claim approval

ABOUT MAX RESOURCE CORP.

Max Resource Corp. is a copper and precious metals exploration company, engaged in advancing both the newly discovered district-scale CESAR copper-silver project (100% owned) in Colombia and the newly acquired RT Gold project (100% earn-in) in Peru. Both projects have potential for the discovery of large-scale mineral deposits; both stratabound-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/
For more information visit: www.tsx.com/venture50
TSX Venture 50™ for 2021 video: Max Resource Corp. (TSXV: MXR) - 2021 TSX Venture 50 - YouTube
For additional information contact:

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

*The Venture 50 ranking is provided by TSX Venture Exchange Inc. ("TSXV") for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of this information and are not responsible for any errors or omissions in or any use of, or reliance on, this information. The Venture 50 program is not an invitation to purchase securities listed on TSX Venture Exchange. TSXV and its affiliates do not endorse or recommend any of the referenced securities or issuers, and this information should not be construed as providing any trading, legal, accounting, tax, investment, business, financial or other advice and should not be relied on for such purposes"

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.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101818