2" groups at 100 yards with any Savage sounds like something isn't right. With a 6.5 Creedmoor, it really sounds worse than that.
I assume that the Model 16 has a light hunting barrel. I have an old Winchester Model 70 in .270 that will put shoot two bullets touching at the point of aim when dead cold and then move the next POI out 1/4 inch further for each successive bullet as the hunting barrel heats up. Since the rifle will is intended for hunting, it is deadly accurate because you won't ever get more than one shot, maybe two, when hunting anyway. But it barely shoots groups under 1 MOA on its best days because each bullet packs 57 grains of powder, creating a lot of heat.
For starters, I would check to be sure the scope mount and rings are torqued to at least 20 inch-lbs. and the action screws are also torqued correctly.
Then I suggest you stop worrying about shooting groups with shots in succession and only shoot the barrel when it is fouled and cold, just like it would be if you took a shot when you were hunting.
The issue will be how close to the point of aim will a cold barrel shot land, after the scope is correctly zeroed, not where the rifle puts five successive shots when the barrel is heating up.
Wait as much as an hour between shots to get the barrel cold and measure how well the rifle does that way. Then you'll know if the rifle will hunt.
You might also check to see if there are any parts of the barrel that are hanging up on the stock.
Both of my 6.5s are mounted in aluminum framed stocks - the 12 LRP has a HS Precision stock and the 10T-SR has an Accu-stock.
I don't know what a model 16 has for a stock, but if it is like the 12 FV, it might not have the aluminum stiffeners. That might cause some accuracy problems with repeated shots.
It also might keep the rifle with a cold barrel from consistently hitting near the POA.
Both shoot very accurately with IMR4350 and I would suspect that H4350 would shoot just as accurately, although it is slightly different and would use different loads.
The 12 LRP likes heavy bullets - 142 gr SMKs, and 147 ELD-M - the best but shoots 130 TMKs and 140 gr ELD-m and 3 kinds of Berger 140s almost as accurately and about 5.5 times more accurately than you are experiencing. With its 26 inch barrel, it is most accurate with muzzle velocities around 2665 fps with 140 gr and 143 gr bullets.
The 10T-SR is slightly less accurate but prefers the 130 and 140 grain bullets to the heavier bullets but still groups the heavies under 1/2 inch at 100 yards. With its 24 inch barrel, it is most accurate with muzzle velocities around 2400 with 140 grain and 143 grain bullets.
Neither rifle likes the 140 grain SMKs, I think because the amount of bullet body in the rifling is significantly shorter for the 140 SMK than all the other bullets.
I, like you, would expect the 143 ELD-X bullets to perform well in the Model 16, unless you are pushing them up close to Pmax in a light rifle with a flexible stock.
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