I used a 30-06 for elk for quite a few years until 3 years ago when I won a 300 WSM in a gun raffle. My feeling is that a 180 grain Sierra Spitzer would do a decent job of dispatching an elk. I used 165 grain Barnes bullets in my 06 loads and they did a good job. I never had one not pass entirely through any elk I shot. Several elk dropped when they were hit with the 06, but I don't think any went farther than 100 yards.
Since I started using the 300 WSM, I've shot 2 elk using the Barnes 165 grain TSX and both ran off. They were both lung shot and went less than 100 yards after they were hit. So far, I don't see much difference in the killing power of either caliber when it comes to elk.
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