"Pot metal" receiver was the common slang name for them. They were definitely steel. I cant recall for certain, but they may have been investment cast, they were certainly not forged to my knowledge. Investment casting was just coming on in gun making at that time. Thompson Center Contenders, and the first Dan Wesson revolvers, later on Ruger got into it with their Security Six, and I believe the Blackhawks, and of course the Colt Mk 3 troopers, all used various investment cast parts or in some cases like the Contender, the complete frames.
Now, the far majority of guns that is not nearly all investment cast.
The post 64 94 had other less than desirable aspects, one the stamped sheet metal carrier was flimsy, and soon got a bad reputation. It was some kind of plating, that no small shop could do at the time. The Brownells "kinks" book was full of suggestions, and smiths claiming they could do a good job on them, but I never saw an actual good reblue at the time, from any one, and dont ever recall seeing a factory re do either.
Guys were baking finishes, lacquers, trying to slow rust blue, etc and the labor often cost more than the gun was worth, and still looked like it came from a spray can. At present, Brownells alleges their "stainless steel" salts will work, but I have no personal experience nor second hand info from any other smith having proved it. Their famed Oxynate salts WILL not work for anything other than a purple result.
I believe when they came out with the Angle Eject series the steel changed back to a steel "regular" bluing salts will work on. And that might apply to the 94 22 as well, but I would have to go back to my books and research about the 94 22, but for certain, I recall the AE series was alleged to "blue normally".
The fact that one sees early Ruger Blackhawks, as well as Contenders, with a lot of blue, now turning purple, might be evidence of the long term effects of investment cast steel.
Someone that is a genuine card carrying metallurgist, or maybe a chem major, might be able to explain why in technical terms. All I know, is what I have seen fail, or not, first hand, and empirical reasoning as too why or why not.
I know that rebluing a typical cast iron shotgun receiver, or a cast iron anything, is near impossible to get any color other than purple, even if left in the tank a longer period of time. It may come out blue, and turn purple in a matter of weeks.
Above is mentioned "manganese phosphate" which I am pretty sure is either or a first cousin of "parkerizing". I dont recall any one ever parkerizing a post 64 94, but I do not doubt it would not work. Most modern parkerizing is black, NOT green, and various stories surround why the WW2 guns are often close to a green tinge. Some guys claim they were black originally ,and have turned green or gray over the years. And since the guys told me that, offer parkerizing, I tend to believe that version.