It is left over from casting in most cases, the thing being made (the wrench) is cast into a sand mold, 2 holes are made nextr to it, one, the sprue, lets the molten metal in, the other , the vent, lets the air out. The two are jouned via a 'gate' which is a thin section connected to the mold pattern ( where the wrench will be). That part gets snapped or cut off after the casting cools...
That is the piece you are seeing...