The first phase in the project started off on Tuesday this week with a four day expedition conducting a series of preliminary tests using a land and marine magnetometer , a device measuring the earth's magnetic field.
The technique evolved during the Second World War when the US Navy developed a magnetometer to detect submarines.
The lowest point of each elliptically shaped orbit curved below the planet's ionosphere, allowing the magnetometer to obtain better-than-planned regional measurements of Mars.
Even Luna 1 carried a magnetometer and found that the Moon produces no significant magnetic field, quite unlike Earth.
The team hopes the magnetometer will identify the wreck site by detecting the iron used in the hulls and steam engines of the sunken ships.
Chris Carr of Imperial College London is using a magnetometer on the craft to study interactions with the solar wind as Venus Express flies through the boundary layer above the planet.
The aerial survey begins next month, using a magnetometer to scan the ground for increased magnetic activity, which could signal the presence of the precious stones.
Researchers analysed data obtained by the Galileo space probe on January 3, when Europa's magnetic field was measured by a magnetometer .
The magnetometer picks up any changes in the magnetic field created by disturbances in the soil, such as a trench filled in with soil.
When Cassini had its first encounter with Enceladus on 17 February at an altitude of 1167 kilometres, the magnetometer saw a striking signature in the magnetic field.