Think you'll find that your bolt is chromoly on that rifle Chris.
Bolts in bolt action rifles don't usually rust because they're normally coated with a thin coat of lubricant. Have never had one spot of rust appear on a chromoly bolt in over fifty years of owning bolt action rifles. I have seen a few surface rusted bolts on old neglected rifles.
Been using Renaissance wax a few years on my Anschutz .22 rifle stocks and have used it on the metal as well. Prefer Foglube paste instead for the metalwork though.
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