1/16-1/2x64ths 29 Piece Cobalt Screw Machine Drill Bit Set. Cobalt drill bits are effective in drilling tough, high tensile strength materials. Display high red hardness, permitting speeds up to 30% greater than with conventional M2 high speed steel. 135° split point tip for fast penetration and accurate drillingCobalt drill bits are effective in drilling tough, high tensile strength materials. 135° split point tip for fast penetration and accurate drilling.