I believe Waxoyl is the most effective treatment, especially when rust is already present. Although slushing oils are extremely effective, each different type has its strengths and weaknesses. Oils are very penetrative but dry out quickly, requiring frequent re-treatment. Greases tend to be less penetrative but stand up well to freeze/thaw cycles. Waxes can penetrate reasonably well by a process of "mechanical shrinkage" but require a high degree of skill and very expensive equipment to lay down the optimum thickness of film: too thin and the coating will not be effective and too thick and the film will not set properly. (The top of the film starts to set, trapping the white spirit solvent and preventing it from evaporating properly - leading to a porous film or "pancaking" whereby the film starts to crack and lift away from the surface).
Waxoyl has a special, micronised structure and combines the advantages of the three kinds of slushing oils with none of the drawbacks. The rustproofing wax consists of microscopic particles dispersed in white spirit rather than held in solution as in the traditional waxes.
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