The most common and most likely answer to this crossword clue is the 5 letter word DRILL
I've seen this crossword clue in The Times
D
R
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More clues leading to the result DRILL
Buddy explains!

The straight part
We know that "Make a hole" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case make a hole = drill.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DRILL mean?
DRILL noun- A tool used to remove material so as to create a hole, typically by plunging a rotating cutting bit into a stationary workpiece.
- The portion of a drilling tool that drives the bit.
- An activity done as an exercise or practice (especially a military exercise), particularly in preparation for some possible future event or occurrence.
- Any of several molluscs, of the genus Urosalpinx, especially the oyster drill (Urosalpinx cinerea), that drill holes in the shells of other animals.
- A style of trap music with gritty, violent lyrics, originating on the South Side of Chicago.
- To create (a hole) by removing material with a drill (tool).
- To practice, especially in (or as in) a military context.
- To cause to drill (practice); to train in military arts.
- To repeat an idea frequently in order to encourage someone to remember it.
- To investigate or examine something in more detail or at a different level
- To hit or kick with a lot of power.
- To hit someone with a pitch, especially in an intentional context.
- To have sexual intercourse with; to penetrate.
- An agricultural implement for making holes for sowing seed, and sometimes so formed as to contain seeds and drop them into the hole made.
- A light furrow or channel made to put seed into, when sowing.
- A row of seed sown in a furrow.
- To sow (seeds) by dribbling them along a furrow or in a row.
- A small trickling stream; a rill.
- To cause to flow in drills or rills or by trickling; to drain by trickling.
- To entice or allure; to decoy; with on.
- To cause to slip or waste away by degrees.
- An Old World monkey of West Africa, Mandrillus leucophaeus, similar in appearance to the mandrill, but lacking the colorful face.
- A strong, durable cotton fabric with a strong bias (diagonal) in the weave.