An excavating tool or bit for drilling holes in earth formations in which the bit has a body with a working face on one end that is provided with hard wear resistant carbide inserts. The inserts on the working end of the body include peripheral gauge inserts and disposed in the side of the body, preferably in axial alignment with the gauge inserts, are other inserts also for holding gauge and advantageously having square outer ends with the diagonals of the squares arranged vertically and horizontally. More than one row of the side gauge inserts can be provided in the bit body.
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