The shank is 1/8" in diameter; this is the part that must fit into your boring bar holder. The "0.0600" part should be the size of the cutting tip. You will need to drill a hole larger than this to begin boring. I should think a #45 or #46 drill should be large enough. Its hard to tell from the pic but this looks like a positive lead bar, which means the end of the bar is angled so that the tip leads the way; this allows you to cut to a flat bottom without rubbing, among other things.
This tool has a neck 0.250" long so that is your limit for the deepest bore you can make. The overall length of the tool is 1-1/2".
You will need a sleeve to use this in your boring bar holder. It is solid carbide so it should be sharpenable with a diamond stone.
Another brand to look at is Micro 100 - their bars are top of the line and is the brand I prefer for these tiny bars.