My Beeswax / Olive Oil Mix

Hawg (or anyone) - Have you had olive oil soaked wads go rancid?

I've got some in a ziplock baggie I misplaced a few years ago and recently found and they smell a little musky but not bad at all.
 
Got a set of drill press mounted punches from HB and put one in a hand drill, worked fairly well, I'm going to sharpen them so they cut the felt easier, and try them in the drill press as well.
 
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