Use a good 2-part, clear, medium to slow cure epoxy - not Marine Tex or steel bed or any other bedding material. The epoxy is much more viscous and will flow and fill every crevice, penetrate into the pores of the wood.
Make sure the stock and chip bare wood areas are cleaned well with lacquer thinner. Let dry and repeat. Let dry and then drill some small holes in the stock first - and if possible a couple in the chip - liberally apply epoxy to both, using toothpick ensure the holes are filled - press fit together wiping the excess off with a rag dampened with lacquer thinner to clean off excess epoxy. Tightly wrap several times around with masking tape and do not touch it until completely CURED.
The above is the best fix.
The tang shouldn't have any contact with the stock or the same thing will happen again. The back of the recoil lug is what should be taking the load...nothing else.
Good shootin' -Al
