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(Reuters) - Canada's Ivernia Inc IVW.TO pulled out of a base metals joint venture with Prairie Downs Metals Ltd (PDZ.AX) in western Australia, saying the geological potential of the project did not meet its investment criteria.
Ivernia, which had no ownership interest in the Prairie Downs project, said it lost the option to purchase a 60 percent interest for A$10 million ($9.93 million) with the exit.
The company had funded drilling programs at the project, located within 250 kilometers of its fully owned Magellan mine.
Ivernia said last year that it found a large mineralized system and high-grade zone at the project.
Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian