This screw down metal hole punch, made by Eurotool, can make two different hole sizes: 1.6mm (1/16") and 2.3mm (3/32"). (The Vintaj rivets fit perfectly into the smaller 1/16" hole.)
Made of tool steel, each punch is tempered for making precision holes in soft metal up to 24 gauge. However, this is the tool we use to punch holes in pennies, which are in the neighborhood of 14 gauge with this tool. The thicker gauge metals will wear out the punch more quickly, but you can replace the punch, not the whole tool. The reach is a bit more than half an inch.
Screw action makes holes without deforming the metal. Can also be used for plastic and other materials.
Becky Nunn shows how this punch is used: