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Step 2: Drill the holes

Picture of Drill the holes
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Using the hole saw in the drill press, drill holes all the way around the bucket, as close to the edge as possible, on your marked lines. (You could use a hand drill here, but the drill press makes it much easier.)

Then drill holes all the way around, near the center, then add a third set of holes in between the others.

You can go ahead and add another hole in the center if you wish, and you are done!