As Bill said, Hoppes is a good cleaner but not a preservative. A light oil, even 3-in-1, will inhibit rust much better. It appears that you may have some active red rust on the side plate. This can be removed by lightly cleaning with 0000 grade steel wool and light oil. It won't restore the original surface but you will be surprised how much better it will look. It might also improve the chamber crest appearance.
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If it's made after 1918...it's a reproduction
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