Block, Frame & Ribbon Release is what Mel Babcock calls his version of this very old trick. You might visit his site for a description.
The principle itself is an oldie, but a goodie. Diminutive versions of this apparatus appeared in the older magic sets from time to time. I cannot recall the actual name right now.
Jay Leslie did a remake a number of years ago with a red wooden ball on the outside and a wooden cylinder in the center where your bullet is. It might be a Swoger item...?
I imagine someone else will chime in with more precise information.
Julie