Release means to set free.
If the purpose of the backswing is to buld up and store power, which probably is the same as lag(?), that should mean that the release is the time and place in the down stroke where all this stored power and lag is set free. I guess that must be in front of impact from the so called delivery "position" and right thru impact. The result of this can possibly be seen in the followthru as Martin Hall (and Jack Nicklaus) was talking about? But then it is all over, I would think - and not where it actually takes place...
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