While the RPM suggestion is close, did you really mean 40 to 50 FPM ?
Isn't it more like 4 to 5 inches per min or way less ?
I think your mixing cutting speed (the relative surface speed of the drills cutting edge to the metal) with the feed rate.
Machinists use a cutting speed guide line for various metals and in my experience it is always specified in surface feet per min (SFPM or simply FPM ). Each metal alloy has an ideal best cutting speed and it is pretty uniform across a wide range of machining processes. It is the surface speed of the tools cutting edge with respect to the metal it is cutting.
In drilling they also specify a recommended feed rate, which is how fast the drill point advances through the material.
From the American machinist Handbook here are some recommendations for drilling certain metals.
Alloy ............................ surface feet per minute
Manganese steels ..................... 15
302/304 stainless ..................... 15 - 40
Stainless Hard ........................... 30 - 40
Nickle and Monel ....................... 40 - 60
Steel Annealed .......................... 60 -70
Steel Forged / tool ..................... 50 -60
Alloy steels ................................. 50 -70
Soft Cast Iron ............................ 80 - 100
Brass / Bronze (soft)................... 200 -300
Aluminum ................................... 600
Drill rpm required for 1/16 inch drill:
40 sfpm = 2,445 rpm
50 sfpm = 3,056
60 sfpm = 3,667
70 sfpm = 4,278
80 sfpm = 4,889
90 sfpm = 5,500
100 sfpm = 6,111
Suggested feed rate is to advance the cutting edge about .001 - .002 inches per revolution.
At 3056 rpm that would give a 3 to 6 inches per minuted feed rate.
Bottom line you can't get adequate drill speed (rpm for ideal cutting speed) with a battery operated drill on small diameter drill bits. You need to go to a 120v AC 1/4 inch drill with max 3000 rpm just to get in the ball park of proper drill speeds for 1/16 inch drills and in some cases a high rpm air drill would be better.
Larry