may be formed with respective coolant and lubrication ducts 52 and 56 to direct fluid flow 54 from a coolant and lubrication source 50 directly into the chip collection cavity and assist in discharging chips in any direction the bit includes an integrally formed chip deflector 25 comprising a formed projection disposed adjacent the groove 5 to define a portion of the leading edge 10 the chip deflector 25 constructed as a projection thus protrudes over the upper edge of the leading edge 10 towards the outside as seen in the radial direction of the bit 3 and projects radially in the direction of rotation with respect to the upper leading edge 10 the deflector is formed with a chip deflecting surface 27 that slopes inwardly counter to the direction of advance when assembled to the knife plate the surface 27 is disposed below an active cutting edge 17 of the knife plate 7 and above a clamping shoe 11 so that chips removed by the cutting edge 17 strike the chip deflecting surface 27 and are deflected counter to the advancing direction the chip deflecting surface 27 is preferably hardened in order to keep the wear here at a low level it is also conceivable to insert a chip deflecting element in the bit 3 of the tool 1 which acts as a chip deflector 25 and extends over the chip guiding step 39 as far as the running off region of the chips removed by.