The official wiki, Starbounder, currently answers this question on the Tools page.
For convenience, the relevant text is quoted below (2017-10-05, current Starbound version 1.3.2)
Pickaxes mine blocks in a 3x3 square 10 times per 3 seconds and break
after 200 swings, which is about 1 minute of continuous use.
Drills mine blocks in a 2x2 square 10 times per second and break after
1000 ticks of damage, which is about 1 minute and 40 seconds of
Damage dealt per hit depends only on the material composition of the
tool. Copper, silver, gold, platinum and diamond tools deal,
respectively, 1.5, 2.0, 2.5, 3.0 and 3.5 damage per hit.