It is called the "Bolt Lock". You have it in it's proper position. The end of the hand pivot extends through the trigger and goes into the slot ascoss the lock. When firing, due to inertia, the bolt (what the thumbpiece attaches to) tends to remain in place while the gun recoils back. This can cause the cylinder to unlock when the gun is fired. The bolt lock rises in front of the bolt when the trigger is pulled blocking the bolt and preventing unlocking under recoil from this. The heavier recoiling the gun, .44 Magnum, .460 S&W, .500 S&W, the more likely the gun is to unlock under recoil, therefore these are the guns you will find the bolt lock in.
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Gunsmithing since 1961
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