NOVELTY - The method involves providing a downhole device at or adjacent a drill bit (18) provided with a high precision clock. An electromagnetic signal is transmitted between surface devices and downhole device for each surface device. A transit time is determined for the signal using high precision clocks. The transit time is the time taken for the signal to travel between surface device and downhole device. A set of position coordinates for the downhole device is determined based on known position coordinates of the surface devices and the transit time for each surface device.    USE - Method of determining position of drill bit in wellbore drilled in surface of earth and steering using transmission of electromagnetic signals used in applications such as oil and gas industry drilling operations, deviated borehole drilling, and horizontal borehole drilling, high latitudes deviated drilling, north pole drilling, geothermal borehole drilling and automatic drilling.    ADVANTAGE - The position of the drill bit is determined with increasing accuracy, by including cycle of triangulations in the method. The method precision can be further enhanced by including carrier phase measurements in the calculation, calculation of clock bias, and modeled or calculated corrections due to properties of the material of propagation and associated uncertainties. The method can solve positioning and geosteering challenges at high latitudes by the use of time stamps and electromagnetic signals. The directional drilling at high latitudes e.g. North Pole is provided with all associated safety, operational and economic implications.    DETAILED DESCRIPTION - INDEPENDENT CLAIMS are included for the following:    (1) a method of directional drilling; and    (2) a system for determining the position of a drill bit in a wellbore drilled in a surface of the earth.    DESCRIPTION OF DRAWING(S) - The drawing shows a vertical sectional view of an arrangement of seabed transceiver devices and a downhole transceiver device.    Drilling platform (2)    Seabed (8)    Drill bit (18)    Seabed electromagnetic transceivers (20)    Downhole electromagnetic transceiver device (22)