Edited my own post...
Looks like an Chilean export (1893 predecessor to the 1895), DWM made quite a number of them chambered in the 7mm. Spanish mausers were from Lowe Berlin. Most of them were imported prior to import stamping. Squared bolt face. Small ring receiver with shield, letter and number stamped on the port side.
Eastern euro mfg 7 mm still easy to come by and cheap online. Often times it is loaded on the softer side for use in older weapons. They ALL shoot high and right off the irons, obviously dialed in on ammo from a different era.
https://www.midwayusa.com/product/27...oint-box-of-20
If the bolt locks and holds tight, I wouldn't mess with it.
Not sure about the pitting, but you might wear eye protection.