Yes, I believe the drill holes can be fixed. However, I am no gunsmith and count as unskilled labour when it comes to DIY!

The final cosmetic result, I am not so sure about(bluing etc).

I think, my opinion only, three tapped - threaded 'plugs' could be made which would fill the holes. This would avoid welding & any problems of affecting heat treatment and warping etc.

The plug could then be filed down flush with the surface. Using a solder which takes bluing could then, like fine finish plasterwork, could in fill any traces / gaps around the plug.

Re-blue / black accordingly.

Those holes, and their position, look like they belong to a side mount fitting. Alternatively, find yourself an old Jaeger side mount or a new Griffin & How(e?). "Spendy" I know, but it would do the job.

I watched the exact same problem fixed by a 'smith in Lakeland, FL once. He threaded three screws and put a 45 degree shoulder on them. Then he used a 45 degree countersink to chamfer the holes. He then annealed the screws and screwed them tightly into the holes. They fit like valves into valve seats. Next, he cut the screw heads off and used a hammer to peen the metal further into the holes. Finally, he filed it level, repaired the lettering with a punch tool and re-blued it. Totally invisible.

I like to use taper pins driven and peened from the inside, then weld the outside. Someone like Scrollcutter could match up the lettering (not speaking for him of course)

I've done Bobster's method and it works well IF you rust blue, ditto with Duane's.

If your receiver ring has a cool logo like a Banner on it(grin), you might consider re-installing a quality side mount such as this Jaeger or a Griffin & Howe.

The bottom blank base is for a Mannlicher-Schoenauer and the top semi-blank base has been machined for the large-ring Mauser. It would be easy to locate & match the holes on a blank base as shown here, and the rifle would retain any provenance & markings on the front ring.

Kinda retro but it's what was used on almost all quality prewar sporters in this country. These mounts remove-&-replace well within 1/2 MOA by actual experiment & test.
Regards, Joe

not hard - plug the holes and heliarc them in then polish it off, but of course this means a refinish job. for those worried about the heat treat, just use some blockheat around the area

and after you plug the holes, you still have to rebuild the stock where the finger of wood was chipped off!

I have a Westley Richards .318 that had some scope bases installed. I didn't like that so I had a guy named Nick Tooth fill the holes and restamp the receiver. Apparently he used to work for Purdey in England.

Anyway, he is the gunsmith at Elephant & Castle in Ozark, Missouri. I think he did a good job on the WR. I can tell where the holes were if I look closely but I don't think anyone else could unless pointed out.

Nick somehow matched the finish; he did not refinish the whole receiver.

http://elephantandcastle.biz/