Trying to remove a steel bolt from an alluminium thread is best done in one bit. If you try to break up the bolt by drilling it multiple times with a conventional drill bit you are likely to force the broken bit further in or damage the softer alluminium. Also, as the hole is blind, when it bottoms out (or not if its that stuck), you will just rip the tread out as the bolt trys to go into the thread and cant.
Left hand bit will grab the bolt and spin it in the direction to remove it. Most times, just the grip of the bit on the bolt will be enough to remove it, without multiple drillings.
If the thread is knackered after, just pop a helicoil in the mount. Done this exact job many times on various thumbies and never had a helicoil fail.
Good luck.