That was also my impression. There is not enough case outside the solid head portion of the case - not much different than most single shots.

Most bolt CF rifles have 1/10" exposed between the end of the chamber and the front of the bolt. This one appears no different.
The locking lugs appear engaged OK, as long as that top one is strong enough with the cut out of the receiver.

I think I might take it easy on loads, measuring carefully and to the ten-thousandths, to ensure the remaining top ring is not moving.

Initial testing would be without me holding onto the rifle, ie; proof testing with full power loads and as noted, careful & bloody accurate measuring.

I should also not, I am not qualified to say it is safe to shoot - so - beware, what I would try with this gun, might be pure craziness.