What barrel twist did you buy? The rate of twist influences which bullet weights will show best results. You need about 1 in 8 for the heavy 77 and 80 grain bullets.
The light bullets, 55 and under will shoot well in a 1 to 12 twist. It has been my experience with the M193 ball round that it will shoot fairly well out of the 1-7.75 in M16A2 barrel.
The new ball M855 does not seem to shoot well. The consensus is that the penetrator core is not uniformly centered on the longitudinal axis of the bullet. This causes excessive pitch and or yaw and destroys accuracy. Seven or eight out of ten rounds will go well but about tow or three will be flyers.
Buy good bullets, or ammunition loaded with good bullets suitable for you rate of twist.
The AMU team shot some Black Hills this past year. Burge turned in a real good score with it when I scored him. Must be OK. Some swear by Federal, and frankly it has a good reputation.
What do you intend to do with your AR?
For sanctioned matches I like 20 round magazines in the prone, for those that allow it I like to jam a 30 into the dirt. NRA and CMP matches do not allow this.
GI magazines in good condition seem to work well.
Triggers are very subjective, I like the Armalite trigger, and the JP Enterprises, some of my shooting compatriots swear by the Milazzo (sp?). These are "service rifle" legal 4.5 pound triggers. I like a good two stage trigger, though good shooting can be done with either single or double stage triggers.
If you scope the rifle get a good scope. The USAR combat team was moving towards a Leupold couple of years ago. But they were shooting Trijicon and another they referred to as the "boat anchor". As these were legal "issue" scopes.
Good ammunition is available, and good handloads are easily developed and assembled. Use proper load development technique and bwe safe.
Trim you brass lest your pressures go through the roof. The shooters here seem to like CCI primers, and VihtaVuori Powders N540 and N135 for high power. I have no experience with any other use of the rifle (other than compeition). The Virginia State Rifle Team seems to shoot Sierra 69s, at 200 and 300, and Sierra 80s at 600. I like the new 77 grain bullet and have to decide what to buy for this coming season shortly. The 69's are cheaper and I will probably go that route.
We are divided about molybdenum, I am in the coat the bullets camp. The latest Precision Shooting Magazine has an intensive article about this. Kevin Thomas does a good job and concludes that the only verifiable benefit is ease of cleaning. He is apparently employed by Sierra and tests things for a living.
Gary Jeter, one our VSRT masters says that more barrels are ruined by damage associated with cleaning, and says that the ease of cleaning in enough for him.
Me, I moly bullets because I think it might help, and I trim brass every time, and I uniform primers pockets, and deburr flash holes. Heck, I would kill a chicken at midnight under a full moon if I could improve my scores about 35 points!
It is difficult to say with certainty that any rifle will produce a MOA group, but the Colt certainly can get into the ball park with loads that it likes.
Hope you enjoy your AR, in my estimation you made the right move when you gave up the Ruger for an AR! Just my opinion!
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Ni ellegimit carborundum esse!
Yours In Marksmanship
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michael