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Harold,
The Dumore series 16 drill press is a high end precision piece of industrial equipment. It should have a Jacobs 0 taper shaft and can hold an Albrecht 15J0 keyless drill chuck. When another student was having a problem drilling a hole with a number 80 drill bit, I tested the operation on my Dumore drill press. I was able to drill several holes into a cold rolled steel bar 1/4 of an inch deep with no drill breakage. The Dumore series 16 drill press sells for about $900.00 new and the Albrecht 15J0 chuck sells for $265.00 new. If you can find a used one at a good price get it.
As a side note, check out the micro drill press made by a company called National Jet. They make a drill press that can easily drill a hole through a human hair. Their machine can drill holes as small as 1/10,000 of an inch and costs over $10,000.00 dollars.
david