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It is a water-soluble oil, thinner than glycerin, like the water soluble cutting oil used on CNC machines, which is what it might be.

Ballistol is also easy to find and performs the same adding...

Experiment with slurry, much like a coticule or Jnat, go from thickish/ cream like, to thin, finish on a thin water slurry. Experiment with the number of laps.

A drop or two of Smiths honing...