kalmah, My deep hole experience was with larger dia. drills, (0.625") but 15 dia.deep. The method was to use a rotary inducer supplying 100 psi compressed air including a very small amount of micro-drop vegetable oil. The oil is similar to castor bean oil. In this case, it was Jojoba bean oil. The function of the oil was lubrication. The high pressure of the compressed air cooled the tool, cooled and evacuated the chips from the hole.
Be carefull as this method will blow those chips everywhere and could cause injury.
Hope that helps.