A technique facilitates a drilling operation by providing a drill bit having limited magnetic influence. The drill bit comprises a bit head formed with a non-magnetic bit head material. Cutting elements may be attached to the bit head to facilitate cutting of rock and other formation material during drilling of a borehole. The drill bit also comprises a bit body formed with a non-magnetic body material. The bit head and the bit body are joined to construct a non-magnetic drill bit which has no or limited magnetic influences on, for example, sensors located proximate the drill bit.