Hello:
Which engine do you have? Did you drill into a water jacket, exhaust, or intake port? Did you drill a "clean" hole and remove the stud or did you damage the surrounding metal? Give us a little information and maybe somebody can help.
If you have enough depth, a shallow allen set screw with sealant may save you, but as Bajarider said, we need more info to truely give you a good opinion.
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