what is this

I was at Easter this past weekend and came across some tools nobody could figure out what they were so I will give you guys/gals a shot
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I'm pretty sure the chain goes around the other end and holds a drill-brace in place when drilling overhead.
 
I have one and used it building a post and beam wood shed yrs. ago. The chain wraps around the beam and as you turn the bit brace it both holds it firm and ratchets the bit into the wood.It goes in so far then you have to back off reset the chain and start again to go deeper.
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have a brand new one with the tag still on it downstairs.
got it at a small hardware 30+ years ago when they were cleaning the upstairs storage areas out
Ron
 
I've always called them chain drill attachments. It force feeds the bit into whatever the chain is wrapped around. Very handy in some instances, required if all you had was a brace and needed to drill steel.
 

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