There are two components to the Ruger No.1 safety: The forward lower projection on the sliding safety selector itself blocks the rear projection of the sear. The sliding safety selector also operates a pivoting lever which moves a blocking arm into and out of position to prevent hammer movement only when it’s cocked. That blocking arm appears in this diagram as the white horizontal thingie just above the trigger:

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With the stock off you should be able to see the whole operation, and detect where the problem lies.

Here’s another diagram showing the system cocked-and-locked:

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Every day’s an adventure.