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The Collaborative International Dictionary
Gouge bit

Gouge \Gouge\, n. [F. gouge. LL. gubia, guvia, gulbia, gulvia, gulvium; cf. Bisc. gubia bow, gubioa throat.]

  1. A chisel, with a hollow or semicylindrical blade, for scooping or cutting holes, channels, or grooves, in wood, stone, etc.; a similar instrument, with curved edge, for turning wood.

  2. A bookbinder's tool for blind tooling or gilding, having a face which forms a curve.

  3. An incising tool which cuts forms or blanks for gloves, envelopes, etc. from leather, paper, etc.
    --Knight.

  4. (Mining) Soft material lying between the wall of a vein and the solid vein.
    --Raymond.

  5. The act of scooping out with a gouge, or as with a gouge; a groove or cavity scooped out, as with a gouge.

  6. Imposition; cheat; fraud; also, an impostor; a cheat; a trickish person. [Slang, U. S.]

    Gouge bit, a boring bit, shaped like a gouge.

Wiktionary
gouge bit

n. A bore bit shaped like a gouge.