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Central Missouri | I'm a machinist so I probably don't know what I am talking about. But a 1/2" bit shouldn't drill a hole to fit a 1/2" bolt. I typically drill .015"-.030" over depending on the job.
If a drill bit is drilling oval holes it's not perfectly perpendicular to the part to isn't set up rigid and is going in at an angle or wobbling.
Also any bit that has been resharpened will drill holes larger than the bit diameter because as it gets ground down the webs get thicker.
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Drill bit to hole size question....
