Mr. Tsend Tseren reports

CLOVER LEAF CAPITAL ANNOUNCES OPTION AGREEMENT BETWEEN NORTH SHORE ENERGY AND SKYHARBOUR RESOURCES FOR THE 42,900 HECTARE SOUTH FALCON PROPERTY IN THE EASTERN ATHABASCA REGION OF SASKATCHEWAN

Clover Leaf Capital Corp.'s qualifying transaction partner North Shore Energy Metals Ltd. has entered into an option agreement with Skyharbour Resources Ltd. to earn up to a 100-per-cent interest in 11 mining claims that comprise the 42,900-hectare South Falcon property in the eastern Athabasca basin region of Saskatchewan. The claim block is adjacent to and south and east of North Shore's 12,800-hectare, 100-per-cent-owned Falcon uranium property. The addition of the new claims to its portfolio will increase the size of the Falcon property to 55,700 hectares. The agreement provides North Shore an opportunity to earn an 80-per-cent interest in the 11 claims over a three-year period by fulfilling combined cash, share issue and exploration expenditure commitments of $5.3-million.

As announced on May 3, 2023, Clover Leaf received conditional acceptance from the TSX Venture Exchange to close its acquisition of North Shore by way of a one-for-one share exchange agreement as described in the company's press release dated Dec. 23, 2022. The qualifying transaction will constitute the company's qualifying transaction pursuant to the policies of the TSX-V. It is a condition to the completion of the qualifying transaction that North Shore complete a concurrent equity offering prior to the closing date of the qualifying transaction for minimum gross proceeds of $5-million. Upon completion of the qualifying transaction the name of the resulting company will be North Shore Uranium Ltd.

North Shore is now a private mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca basin through its Falcon property, which will be 55,700 hectares in size with the addition of the new claims, and its 4,500-hectare West Bear property located 90 kilometres to the northeast.

Tsend Tseren, chief executive officer of Clover Leaf, stated, "This option deal with Skyharbour, a prolific uranium prospect generator, will increase North Shore Uranium's exposure to a potential new uranium discovery at the eastern margin of the Athabasca basin, an area with great uranium potential that is seeing a surge in uranium exploration activity."

About the Falcon property

Upon completion of the qualifying transaction, the combined Falcon property will consist of 15 claims totalling 55,700 hectares, with four 100-per-cent-owned claims totalling 12,800 hectares and the 11 claims totalling 42,900 hectares that are the subject of the agreement. The property is located approximately 40 kilometres east of the Key Lake uranium mill and former mine.

The 100-per-cent-owned claims were described in the company's Sept. 27, 2022, press release. In October, 2022, a 900-line-kilometre airborne gravity, magnetic and radiometric survey was completed over the claims by North Shore. Interpretation of publicly available geophysical data and data from the 2022 survey has led to the identification of six uranium prospect areas that are now targeted for exploration.

Following are some comments on the uranium exploration potential of the 11 claims subject to the agreement:

• Known mineralization: Historical uranium mineralization discovered on the claims and nearby is shallow and hosted in several geological settings, including classic Athabasca-style, basement-hosted, unconformity-related and pegmatite-hosted mineralization associated with well-defined electromagnetic (EM) conductors. One boulder found at the EWA showing returned 0.492 per cent U3O8 (triuranium octoxide) and 1,300 parts per million lead (Saskatchewan SMDI 5038). The D showing, which straddles claims 100 per cent owned by North Shore and claims subject to the agreement, is described as a mineralized vein with one sample having 1.26 per cent uranium and 0.8 per cent molybdenum (Saskatchewan SMDI 2455).
• Untested EM conductors: There is a well-defined northeast-trending electromagnetic conductor zone that was defined through geophysical surveys by JNR Resources in the 2000s. In 2008, JNR drilled 28 holes in three portions of the conductor system. The remainder of the conductor system, with an approximate strike length of 28 kilometres, remains untested. It was during this drill campaign that the Fraser Lakes B zone was discovered approximately four kilometres to the southeast on a parallel EM conductor system.
• 2022 airborne geophysical survey: In 2022, Skyharbour completed an airborne gravity and magnetic survey over nine of the 11 claims subject to the agreement as part of its South Falcon survey. The survey had the same specifications as the survey completed by North Shore over its adjacent 100-per-cent-owned adjacent Falcon claims in 2022 (200-metre line spacing and 80 m flying height). These new geophysical data will assist North Shore in prioritizing zones along the defined EM conductor zone described above for drilling.
• Fraser Lakes B zone: In 2008, JNR discovered the pegmatite-hosted Fraser Lakes B zone located approximately three kilometres southeast of claims that are the subject of the agreement. In 2015, Skyharbour declared an inferred resource of seven million pounds of U3O8 at an average grade of 0.03 per cent U3O8 within 10.4 million tonnes of ore. A qualified person has not verified the foregoing mineral resource estimate on behalf of the company. Readers are cautioned that mineralization on adjacent properties is not necessarily indicative of mineralization on the Falcon property.
• Future work: North Shore's initial goals will be to assess untested EM conductors by prospecting and/or drilling, principally at the southwestern end of the system, and complete airborne geophysics over the two westernmost claims.

The agreement

The terms of the agreement, in Canadian dollars, are summarized in the attached table. The agreement is subject to the closing of the qualifying transaction.

Upon North Shore earning an 80-per-cent interest in the 11 claims from Skyharbour, it will have 90 days to acquire the remaining 20-per-cent interest in the claims by paying Skyharbour $5-million in cash and issuing Skyharbour $5-million worth of shares. If North Shore does not elect to acquire the remaining 20-per-cent interest, a joint venture will be formed with Skyharbour holding a 20-per-cent participating interest.

North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture. Two claims totalling 10,673 hectares that were previously part of Skyharbour's Foster River property are subject to a 1-per-cent net smelter return royalty payable to Skyharbour. The remaining nine claims totalling 32,235 hectares are subject to a 2-per-cent NSR royalty payable to Denison Mines Corp. with North Shore having the right to purchase 1 per cent of the royalty from Denison at any time by paying $1-million. In 2014, Skyharbour purchased these claims from Denison.

Qualified person

Brooke Clements, a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and president of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.

About Clover Leaf Capital Corp.

The company is a capital pool company (CPC) within the meaning of the policies of the TSX-V that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the CPC policies of the exchange, until the completion of its qualifying transaction (as defined therein), the company will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed qualifying transaction.

We seek Safe Harbor.