Dan from Mount Pearl, Newfoundland has seen us place magnets around the hole where we were drilling to trap the metal shavings. He suggests using speaker magnets because they are round doughnut shaped.
Great idea Dan, except that all the new speakers we had didn't have those magnets any more, and all the old ones we found had such a strong housing that we couldn't liberate the magnet.
Then we discovered that the Yellow Pages has a category called "magnets" -- surprise, surprise. There we did find some great doughnut magnets.
Why bother with all of this? If you are drilling, especially on a vertical or overhead surface and the flying debris could cause trouble in a mechanism below, or just be hard to clean out, this traps it all right at the drill. A great idea Dan.