Old Tool Question

I found this old Black & Decker drill in Dad's tools while cleaning out his storage building.  The cord is frayed & shot, so I was going to put on another cord.  I opened it up, and it looks like something may have leaked on it.  Before I just go cleaning it up and putting it back together to die a premature death, is there something I should check for lubricant?  Or is this just gear oil that has gotten hot & dripped off after years of sitting in a shed?  Advice before putting it back together?  Thanks! 

It probably should have a light grease in the gears, I wonder if someone tried to oil them instead.  Cleaning it out and replacing the grease should help.  Also, I'd replace those wire nuts on the power cord with something more suited for a power tool, and make sure the cord is held in place with the strain relief.

I seconded "stuart in mn" .  Clean it up and rewire the power cord and if it's still good it should work.

I had an old 1/4" drill motor from my father that still worked but it was only 1/4" and not very useful. Most modern battery drill motors were 3/8" and had variable speed, etc. The brushes wore out on it and I finally retired it. I still have an old Milwaukee 1/2" drill motor from him.  It's single speed and it's SLOW!

It was used to turn hole saws to make holes in wood or a masonry bit to make holes in stone or concrete. My father was a pipefitter.

It's very powerful but since it's slow it doesn't make holes very fast so it's just stored away.

Thanks guys!  Wasn't thinking about a strain relief, that's a good idea.  As big as this is, I'm figuring it's a torque monster, and probably slow as well, but just thought it would be cool to have in working condition, as a memento.

When it comes to these old metal cased, non-double insulated tools. Make sure you ground the case and use a GFCI with it.

Thanks Trent, I hadn't thought about GFCI when using it.  Just looking at that double gear reduction again, I can see why is has a big "D" handle that goes with it!