The first target, Barossa, is a cluster of 9 electromagnetic anomalies with zinc-gold-silver volcanogenic massive sulphide (VMS) potential.
The second target, Tractor Corner, is a large zinc-lead target.
The new VMS targets are in close proximity to PNX's flagship Hayes Creek zinc, gold and silver project.
The prospects will be tested later in the year when access approvals have been granted.
James Fox, managing director, commented: "This financial support provides a further boost for drilling programs which have the potential to create substantial value for PNX shareholders.
The Barossa electromagnetic conductors in particular have been modelled at relatively shallow depths and are situated in a new and untested target area."
PNX recently completed a scoping study on Hayes Creek demonstrating a financially robust open pit and underground operation.
This results in a payback period of less than 2 years, with a mine life in excess of 7 years. Production is planned to commence in 2019.
The study indicates life of mine revenues of A$631 million from a total mining inventory of 2.81 million tonnes at 5.02% zinc, 2.11 g/t gold, 142 g/t silver, 1.17% lead, and 0.3% copper.
Pre-feasibility studies have commenced that aim to improve the certainty of the mining inventory and associated operating and development costs.
Recent funding through forward sales
PNX recently forward sold $1.6 million worth of silver to fund a pre-feasibility study (NYSE:PFS) on Hayes Creek.
This allowed the company to complete the technical components of the PFS without diluting shareholders.
The PFS will expand on the financially strong scoping study.
Any economic VMS style mineralisation found at Barossa would be beneficial to Hayes Creek due to its proximity to the project.
Furthermore, it is a positive sign that PNX's drill targets were awarded funding from the Northern Territory Geological Survey.
The drilling of Barossa and Tractor Corner forms part of a gold and base metals exploration program in the region with the aim of diversifying opportunities.
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