Hi Paul,
As I know, actually the powdered mica is used as a component in lubrication grease for special use, mine was given in a large amount by a friend working in chemicals, I use it economically but when nothing goes it makes miracles as a dry lubricant, graphite powder goes too but is not so easy to clean after using it.
It functions in my opinion because chips cannot stay glued with the dry system then with normal lubrication they glue to the asperities and give a bad appearance.
Have you make some proofs with lubricant like WD40 in a pressure air steam like on a band saw ?
Have a nice day.
Pierre

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