Not quite, it's Jäger's vertical block lock, as it was first patented by Franz Jäger in 1906. So AFAIK what we are seeing here is a Ferlach version of the lock (now) most commonly seen used in Merkel and Blaser Kipplauf's (K1, K3 & K4, & K95) and Blaser's SxS double rifle (S2) and drilling (D99).

Norbert Klupps take on it can be found here http://www.st-hubertus.at/?id=2500%2C1014198%2C%2C

As for the metal hanging over, it's probably the price you pay for running a .300Win Mag and similar in a 2.5kg Aluminium framed Kipplauf.