You need to use pressure in addition to the cauterization. Give him some boiled egg yolk to build his blood back up when he'll eat again.
And breathe deep, and relax. If it bleeds again, pressure, and cornstarch or even flour.
Well I just have to say that you two are more brave than I could be! Ah I guess maybe if I had to. But now I know who to call in case of a bone that needs to be removed. WOW! I'm impressed!
By the way, when you do this, you'll want to do it **in between** the joints - like you would do for a cooking chicken only on the toe.
Emergencies like this is exactly why I always recommend people buy Clotisol blood stopper. Other blood stopping agents can be toxic, especially the silver...