I'd look at 7mm TCU (7mm x .223 Improved for handgun metallic silhouette in Thompson Center Contender.)
Or .30 Apache (.30 x .223 used by at least one shooter for rifle metallic silhouette a good many years ago.) There is probably enough room in the magazine. You might have to take out some spacers and use a medium length follower, I am not real up to date on smallbore M77s, my only example is a .22-250 and it is at risk of getting rebarrelled to .308.
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