FP,you are right, I don't think it was a magnetometer, some sort of pulsed metal detector, however it proved to be dangerously unstable flying under a helicopter so all hte project did was generate huge tax deductions, which was after all the purpose of these R & D schemes.
I hope there has been progress since then and that there is technology to help Mr. Billings.
The point I was trying to make was that one would need to be very sure that the technology was both robust and sensitive enough to detect the wreck before investing the time and money needed to overcome the very considerable logistical, bureaucratic and political challenges of deploying it to the back blocks of PNG.
I suggest that would involve a test of finding a suitable crankshaft in jungle with soil conditions like PNG if that factor is deemed to affect accuracy like mineralisation affects hand held metal detectors.
Once found, there will then be political issues to solve with the PNG Government and locals over "their" wreck that should involve the Australian and U. S. governments. Considering all the hurdles, there is therefore a good chance for the project to end in tears but if one approaches it with an open mind about the risks, it is perhaps worth doing.
Has crowd funding been considered?