This release went into production in 1957.  Millers Falls catalog describes this drill as:

Single speed hand drill with two pinions. Die cast, iron frame is enameled black. Drive gear is painted red. Tropical hardwood main handle with hollow storage for drill bits and cap. "Chef's cap" side handle.

Ball thrust bearing on spindle. Three-jaw, spring chuck adjustable from 0 to 3/8 inch. Bright parts nickel plated.