Max Resource Reports 4.3% Copper and 26 g/t Silver Over 3m by 3m at Cesar Copper-Silver Project in Colombia

Vancouver, February 4, 2020 - Max Resource Corp. ("Max" or the "Company") (TSXV: MXR) (OTC PINK: MXROF) (FSE: M1D2) is pleased to report 4.3% copper and 26 g/t silver over a 3m by 3m panel from Outcrop-1, located approximately 2 km south from the AM Horizon Discovery (refer to January 21, 2020 news release), within the Company's 100% owned Cesar copper-silver project, located 420 km north of Bogota, Colombia (refer to figure below).

Highlight rock chip and panel values from Outcrop-1:

• 4.3% copper and 26 g/t silver over 3m by 3m panel;
• 2.1% copper and 9 g/t silver over 6m;
• 1.8% copper and 12 g/t silver over 3m by 3m panel; and
• 1.5% copper and 9 g/t silver over 3m by 3m panel.

The Company considers rock chip panel sampling to be representative across their reported widths. Additionally, assay results are pending for Outcrops-2 through to 12. Further exploration is required to see whether there is a link between the 12 outcrops and the newly-discovered AM Horizon (1.4 km long open at both ends). The Phase II program is underway with the goal of significantly expanding the exploration drilling targets (refer to figure below).

"Wide spread copper-silver mineralization discovered by Max in our Phase I exploration program indicates the regional nature of this type of mineralization that occurs in the Rancheria Basin. The visible structure and assays from Outcrop-1 reinforce our model and the regional similarities to the mineralization of Poland's vast Kupferschiefer, one of the world's largest copper and silver districts," Max CEO, Brett Matich, stated. Max cautions investors that mineralization at Kupferscheifer is not necessarily indicative of similar mineralization at Cesar.

"The Max field team is currently rock chip panel sampling across a newly discovered mineralized horizon located on trend 40 km north of the AM Horizon, which could be very significant from a regional prospective," he continued.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3834/52088_1e9fa347147d59ab_001full.jpg

Table 1. Outcrop-1 rock chip assays from the Phase I exploration program.

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 which hosts significant stratabound copper-silver mineralization in Ecuador and Peru. The petrographic analyses of rock samples collected from the CESAR project indicate that stratabound mineralization is the hosted in siltstone and sandstone associated with the reduced facies of the Rancheria Basin.

The first field investigation identified 18 outcrops over an area of 9 sq. km with reported grab sample assays ranging from 0.3% to 4.2% copper and silver values ranged from 1 to 116g/t (refer November 6, 2019 news release). The Company cautions investors that grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.

Max reported an entirely new discovery, called the AM Horizon, a NE-SW stratabound copper-silver horizon in excess of 1.4 km dipping 40 degrees NW, which appears to continue under cover in both directions. Highlight rock chip results include:

• 2.7% copper and 18 g/t silver over 0.5m;
• 2.1% copper and 9 g/t silver over a 3m by 3m panel; and
• 1.6% copper and 8 g/t silver over a 3m by 3m panel.

The Phase II exploration program is now well underway.

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 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. 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 (200 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.

Quality Assurance

The rock chip samples from Outcrop-1 were shipped to ALS Lab's sample preparation facility in Medellin, Columbia. Sample pulps are sent to Lima, Peru for analysis. All samples were analyzed using ALS procedure ME-MS41, a four-acid digestion with ICP finished. Over limit copper and silver were 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.

About Max Resource Corp.

Max is a mineral exploration company with an experienced and successful management team focused on advancing the development of its copper and precious metals 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/

For additional information contact:

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

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

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