A drill bit, particularly for cutting deep holes in hard materials, includes a tubular shank with a solid center and diametrically opposed coolant conduits which supply coolant to a tungsten carbide tip located on one end of the tubular shank. Swarf and debris are carried by the coolant away from the cutting area and along swarf clearance channels located along the exterior of the shank tube out of the borehole. The carbide tip is brazed to the tubular shank and is formed with a pair of angularly spaced tubular chambers which communicate with the coolant conduits in the shank. One cutting edge is provided on top of each chamber in the tip. A coolant hole is formed at the top of each tubular chamber, behind the cutting edge. The coolant which emerges from the tip flows to the space between the tubular chambers and carries with it the swarf along the swarf clearance channels defined by the shank out of the borehole.
