@bapfreak, its called counterboring. It is also common on WWII era rifles, Mosins and Mausers especially.
@OP
Depending on where the pitting is, if its near the throat you can set the barrel back and rechamber it, or if near the muzzle cut it down or counterbore. If its in the middle, a custom barrel or a donor is your only option.
Please, for the rifles sake, shoot it first and put away the lapping compound. You should ALWAYS seek gunsmith advice before trying something like that.
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