Brazilian Mauser. Good rifle if it's in good shape. It looked to me as if there was light rust on the bolt. A good gunsmith can tell you if it is safe for a high pressure cartridge.
OTOH, you'll be putting a lot of money into a build that will need a new barrel, trigger, bottom metal, stock, scope base and rings, as well as refinishing, probably. Are you sure you want to do all this to an older military action? It wouldn't cost a whole lot more to get a barreled action that has a good trigger, bottom metal and is already drilled and tapped for a scope base.
Bottom line: you can do it, but you probably won't save anything, if that's your goal, do a careful list of all the costs associated with each option.