What TOF has said is good advice, but I'm not patient enough for all of that. I drill for barrel and rod pipe pins with a 1/16" bit all in one pass. But FEED AND SPEED is the key. With 1/16" bits and the like, I have the press at top rpm...2800 I think mine does. I clear chips often, feeding in only about 3/32" deep each pass. My bits, purchased at our local machinery supply store, last for years. But still, I have a package of them and don't bother trying to sharpen them.