IMDEX's decision to progress the CoreVIBE and MagHAMMER towards commercialisation is based on strong demand from drilling contractors and resource companies, together with successful trials at IMDEX's test site in New Zealand. CoreVIBE trials - validated by SGS, the world's leading inspection, verification, testing and certification company - concluded a productivity gain of 33 per cent over conventional coring.

The SOP will allow IMDEX to conduct further product development and testing, while establishing its supply chain and manufacturing requirements. In relation to CoreVIBE, IMDEX expects to trial commercial prototypes with clients by the end of 2019. MagHAMMER commercial prototype trials will follow in early 2020.

Commenting on the decision to enter the SOP, IMDEX's MD, Bernie Ridgeway, said: "We are pleased to further progress the CoreVIBE and MagHAMMER technologies towards commercialisation.

"These unique technologies have the potential to deliver substantial economic and productivity benefits to our clients globally, which is becoming increasingly important as new discoveries are likely to be under ground cover, deeper and require more drilling.

"It is widely recognised within the industry that drilling costs represent approximately half of global mineral exploration expenditure. Reducing these costs has been a major challenge, which is likely to intensify given increasing safety standards, environmental restrictions and greater average hole depths."