The gun was made by obscure Italian maker Antonio Zoli model 'Vulcano'. It is rather nice piece with POW grip, SFE, reinforced breech, beaded fences, concave game rib, DTs (front articulated and both checkered). At less then $800 it was too good deal to pass up.
It had thin film of yellow gunk on outside metal surfaces and has been in storage since the 1960s. Professional cleaning and lubrication seems logical thing to do. Just like old mechanical watches stop working if not used for long time due to oil hardening in moving parts of the movement.
PS. Thanks for contact info to Gunter Pfrommer.