I have a friend who has an 1917 Eddystone rifle (cal. .30-06) and shoots it a lot. Sending this photo to him.
I spent better part of a day removing Cosmoline from an SKS rifle. Finally ended-up soaking the steel parts in gasoline overnight.
A modern day version of the stuff is called RIG (Rust-Inhibiting-Grease). Even some machine tools coming from the Far East still use the stuff on ground and polished surfaces.

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