A recent post on this very subject on the brewboard lends the following information:
- Drill stainless with slow speed and high pressure (in practice I would say 'firm' pressure)
- Lube your bit (oil you say? Nah, water... see the next item).
- Cool the metal. Running water works for this; have your kid hold the hose while you drill.
So in reality, oil on your bit is fine if you go slowly and pause to let the steel cool after each step. If you want to just get it done, use running water to keep the steel cool.
Aluminum is a different story. Use soap on your bit when drilling aluminum and a firm block on the back of your material.
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