Concentrated Nitric acid will not dissolve Aluminium, or Iron, for that matter, since it is an extremely active oxidising agent. It will produce a protective oxide film on Aluminium, or on iron. Steel being an Iron alloy may be partially dissolved by the acid removing the alloying metals. If so, you may be left with a black residue of Iron Oxide and carbon.
Proper Alum, as already mentioned will not dissolve Aluminium, because with the "parent" Aluminum and that in the Potassium Aluminium Sulphate, the solubility product for Aluminium will already have been reached.
Even if the drill had been TiN coated, the Alum should have got to work on the exposed iron at the fracture.
Silly questions:
1) If the solution had functioned before, is it exhausted perhaps?
2) Have you tried a freshly made up solution?
3) Maybe the Aluminium container is an inhibiting factor on the chemical reaction?
4) Have you tried using a glass or plastic container?
Just a few thoughts
Howard