Bulged-barrel Savage 340a....?

Got a Savage 340a bolt-action 30-30 from a friend as a gift. Had some light rust, was very well-used, but appears to be in good condition otherwise. Went about cleaning the hell out of it, givin' it some good love (lol), and noticed that something didn't feel right on the barrel...

Started running patches, and there's a definite 'skip' in there, perhaps a second even (though the second is very slight).

The bulge/expansion-ring/goose-egg is say 7 inches from the muzzle or so. Visually, on the outside, it's imperceptible, though it is detected rather easily (at least to me) through touch. Looking down the now-spotless bore, the ring is visible, though not terribly easily.

The friend who gifted it to me has shot many, many deer with it, and based on preliminary research I've done, a slight bulge is nothing to worry about. I intend to ask him about it some time soon before I do anything with it really. You guys have been very helpful and knowledgeable however, and wanted to run it by you all as well.

Thoughts?

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Bulged-barrel Savage 340a....?