|You will make a punch. |
This is used for making and enlarging holes. Punching holes is an essential part of blacksmithing. The punch displaces metal around the hole, thus keeping the strength which would be lost by drilling out the hole.
The other advantage of punching is that holes can be made to accommodate sections other than round, which is the drill's limitation. Round, oval, square and rectangular holes are a regular feature of blacksmithing.