you dont say if its a handlebar riser bolt or a fork stanchion grip bolt, but you may still have some options, first you need to get the drill out. turn it over if you can and drill a small hole the other way throught the bolt till you get to the drill, then punch it back out. or, if you cant do that, you might be able to break it up in the hole with a punch.
now you can either carry on what your doing, drill the shank out and pick the bits of thread out with a scriber,
open it out and put a helicoil in (you cant just use the old thread to put a smaller diameter helicoil in, it doesnt work like that you need all the correct sized drills and taps),
drill it through and use a longer bolt with a nut,
open the hole out to the next bolt size up.
and cheap HSS jobber drills are cheese, invest in a good set of cobalt drills
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dave
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