I have never used Mach 3 to cut threads before, but I have an unusual project that requires the threads to be cut to the above spec.

In looking at the thread cutting wizard,

X Center Pos: 0.0
Y center Pos 0.0
Major/Minor Dia: 48mm is 1.88976
Depth: 0.3 (to make it through a 0.25" aluminum sheet
Pitch for mm, TPI for inch: 0.75mm is 0.02952756
Feedrate 2 ipm
Rapid Height

Tool Diameter - any recommended carbide cutters? Found one on amazon thats 0.375 diameter

When I post this code, I see just a semi-circle cut without any type of helical pattern.
Uncommon metric thread cutting on an inch machine (M48x0.75) - Thread cutting wizard-helical-error-jpg

other MISC settings:
INCH
Climb
Inside
Right Hand
300 RPM
CW (M3)
Coolant

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