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I like folks who say things like "just bore the barrel out to 308". There are not many shops who can rebore and re-rifle a barrel and the cost would be a lot more than you paid for that Carcano.
And, as Jim Watson say, the action was not designed for the .308 pressures. It might hold, but it might not either. The Germans converted some to 7.9 (8mm Mauser) with new barrels but that was an emergency situation for them (the Russians really were coming!) and I doubt they would have done it under normal conditions.
Jim
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