MAX RESOURCE CORP. reported its ground-based IP and TMI anomalies correlated well with surface geochemical targets and successfully defined new drill targets at URU Central (URU-C and URU-CE). Mobilization of the drill rig is fully underway and continuous channel sampling at URU-CE returned 19.4m @ 1.3% copper + 2.5 g/t silver to be drill tested.

The 20-km-long URU District is located on the southern portion of the Company's wholly owned 90-km-long CESAR copper-silver project in Northeastern Colombia. The 14-line-km Induced Polarization (IP) and Ground Magnetometer (TMI) survey consisted of 7 lines spaced at 100m and with IP stations every 50m. At URU-C and URU-CE, the IP chargeability and TMI anomalies correlate with surface copper-silver mineralization, indicating extend of the mineralized zone to over 500m northeast, and dips to the east.

Also, an extended 20-line-km TMI survey is underway testing the northern extensions of the TMI anomalies. Mobilization Underway: Mobilization of the drill rig and related equipment nears completion; drilling will commence on or before October 11, 2022. The modular rig will run HTW or NTW diamond core and is capable of drilling to depths of 400m.

Drilling Imminent: The first ever 2,000m program (8 holes from 5 pads) will drill test the main mineralized zones of URU-C and URU-CE. A second phase will immediately follow and continue through to year-end. URU-C, Pad 1: Two drill holes (P-URU1 and P-URU2) will test the down dip continuation of surface rock channel sampling,where results of 9.0m @ 7.0% copper + 115 g/t silver and 16.8m @ 8.3% copper + 146 g/t were obtained.

The third hole (P-URU3) will test a blind target supported by a strong magnetic high and IP chargeability high at a depth of 100m. URU-C, Pad 2 and 3: P-URU4 and P-URU5 are located 290m along strike and 190m vertically above Pad 1. These holes will test the down dip continuation of the surface channel sampled ridge of 52.0m @ 4.9 % copper + 41 g/t silver. URC-CE, Pad 4 and 5: These pads will be located 373m vertically above and 750m east of Pad 1. Two drill holes (P-URU6 and P-URU7) from Pad 4 will test the surface channel sampled zone of 19.4m @ 1.3% copper + 2.5 g/t silver to depths of approximately 200m.

Drill hole P-URU8 (Pad 5) will test an IP chargeability high target at a depth of 100m. Initial drill results: Max anticipates mineralized intervals will be released in short order, as the chalcocite copper mineralization is distinctly visual as veinlets, stockworks and breccias. Ground Magnetometry (TMI) Results: Max has completed its first ground TMI survey over the same grid as the IP Survey at the URU-C and URU-CE area.

Results have delivered an extremely strong correlation with known mineralization. The upper level is located 290m along strike and 190m vertically above the base level returned 4.9% copper + 41 g/t silver along a 52m ridgeline, true width is yet to be determined. This NE trending axis of the magnetic anomaly extends approximately 900m, well beyond the sampling to date.

All four magnetic highs appear to be connected with moderate intensity features. The ground TMI survey has been a resounding success with excellent correlation to mineralization and appears to be a cost-effective tool. As such the TMI survey has been approved for significant expansion for over 5-km along trend to the Northeast.

Induced Polarization (IP) Results: The high-resolution IP survey has now provided coverage over an 800m North South area, covering the URU-C and URU-CE discoveries. The IP chargeability data has demonstrated significant correlation with mineralized outcrops although with modest chargeability values. This could be explained by the presence of massive chalcocite as demonstrated in continuous channel sampling which would be extremely conductive but not very chargeable accounting for the modest chargeability.

Having said that, the trend of chargeability matches with the known zones and correlates extremely well with the TMI survey and particularly well with the 1-km East West Magnetic trend discussed above. The IP data also provides the three-dimensional view with depths over 200m, assisting in refining the drill targets. Next Exploration Steps: Based on geophysical interpretation and already identified mineralized outcrops along the assumed northern extension from URU-C and URU-CE the Company has extended the ground TMI survey by over 20-line-km.

Representative rock and soil sampling will be carried out along all IP and TMI lines and along the northern extensions of the TMI survey. In addition, regional exploration will consist of interpretation and modelling of historic seismic data, MTI geophysical survey and geochemical sampling as the Company continues to work towards expanding zones further into the CESAR basin.