Destroyable Meshes

I have seen in the previews for the new game No Man’s Sky times where the player will have their multitool and be mining different rocks. What I was wondering is if it is possible in UE4 to make the effect in No Man’s Sky where you can blast holes through the rocks, like it is generating a custom mesh in real time. I have looked around and found no way to do that. If someone can figure out how to do it, I would really appreciate it.