That hole does not look highspeed drill round. Not saying it is the real thing or not. It looks rather highly decorated compered to told ones I have seen in museums. People have drilled round holes without industrial help. If the bone is from a big whale then certain bones would have a thick layer of compact bone. Small whales would have a thin layer of compact bone over the spongiform structure not thick enough to make objects like this.
This link is quite helpful.
http://what-when-how.com/marine-mamm...arine-mammals/