High Mn Steel as material for drilling bits?

I'm a student/researcher and currently I'm working on a low-cost sustainable water borehole drill for developing communities.
The Diamond and Tungstain Carbide is not an affordable solution for reliable bits being over 1000$ so I was thinking of using a bit made of High Manganese Steel which is affordable.

However, the information regarding how it performs on medium hard rock is lacking, also how it compares to Diamond and tungstain carbide.

Please shed some light in this matter.

Thanks allot.
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