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ORIGINAL: RugerM77.270
I'm a 270 fan and believe it will handle the elk just fine but go with the 7mag if you can handle the recoil without developing a flinch. And watch out shooting deer up close with it the bullet may be going so fast it doesn't have time to expand in light game like deer under 50 yards (same with my 270). Pick the right bullet and shot.
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Actually, I'd be more concerned that it would over expand and under penetrate. Expanding bullets that hit going faster than the velocity they are designed to perform at have no problem expanding because of the very high energy levels on impact. So, although the bullet may be going very fast, the rate of expansion is increased by a similar amount. But if the energy levels are too high, the structural limits of the bullet can be exceeded and the bullet will tend to disintegrate causeing a nasty but shallow wound. That's why it's not a good idea to use bullets designed for standard velocity rifles in the super magnums. The 140gr 7mm Nosler Ballistic Tip that performs perfectly in a 7mm-08, .280 Rem, or even a 7mm Mag will likely explode on impact like a varmint bullet at 7mmSTW or 7mm RUM speeds at close range.
Mike