Boelube® 70104 / 70106 are a series of proprietary liquid lubricants developed through Boeing manufacturing operations and lubricant experience.
If you need to use a disc/belt sander (or a combination machine) to sand or grind aluminum angle, tube, rod, etc. this liquid Boelube works great. Apply it directly to the abrasive surface. It will, for the most part, eliminate build-up of aluminum onto the abrasive surface, and it still allows the abrasive to cut (bite) into the material...all while keeping the aluminum much cooler than other lubricants. This lubricant really is a superior product.
This comes ready to use and does not need to be diluted.
70104-04-001 is red in color, and 70090-L-001 is clear. That seems to be the only difference. This is designed to be used to lubricate saw blades, reamers, drill bits, etc etc while working with metal and they both could be used for lubricating drill bits or reamers powered by a pneumatic drill.