I have replicated it for sauna accessories and hand tools using roughly equal parts yellow beeswax, boiled linseed, and modern turpentine with carbonized sap of Jack Pine. I believe one could use pine tar available in the veterinary medicine section of the feed store also.
I produce the carbonized resin myself, by sanding dried resin pockets with a rasp to produce a coarse powder, then scorching on a flat piece of aspen wood with a torch. The whole stick of wood, scorched sap and all is immersed in a jar of turpentine while still hot and allowed to "flavor" the turpentine for some time. I usually have a couple pints of tinted turpentine in my shop at any given time, so soak has varied from 1-5 years. Does a wonderful job of bringing out the grain, similar to using bone black as a stain enhancer. That product might also be worth experimenting with.
Haven't tried it on a rifle stock.