OK, so I have to buy a drill just so you lot can find out how it works? I don't want this drill, never did, don't like drills.... everyone knows that already.
(I shall make enquiries, to be helpful.)
Having taken a closer look, the Y shape appears to be a rigid casting at it's base (where the 3 lines forming the Y intersect). The arms holding the balls have slots at their tops, and appear to be able to slide as the balls move outward. So as you turn, the balls move outward and apply pressure to drive the entire shaft with chuck at end, downward. The degree of movement of said balls depends on speed of rotation. hence greater turning speed = greater downward pressure on the bit. The pinion would need to be tracked on the shaft in some way, and I think I see something above the chuck, just below body casting.
Let's get it and find out, shall we!