It won't matter if it's loaded or not, my advice, soak it in apple cider vinegar, with electrolysis you run the risk of losing parts like the trigger and guard.
when you are done cleaning it, you should boil it in wax to remove all traces of moisture and leave a sealed surface that will prevent further degrading.
when you do those finds you need to file every detail, where it was pointing to, and escat location, it might take you to a big treasure. might be a sign to next spot.
Its an oldie, im keeping it. Hang on my wall. A gold coin john smith picks up could be from a robbery. Im no criminal, just a law abiding citizen. Ill be posting more pics once i get it clean.