Thats the mix that I use, using ATF though, I think I posted it on Gun Site, You can make it work as an penetrating oil by upping the thinners.
I also use the thinner version for oiling weapons pins and slide surfaces without dissembling
Replacing mineral oil with ATF in same proportions?
Do either of you use fluid film on your firearms?
Eds red with a Safferised formula of equal parts ATF, Turps, Acetone and Paraffin can have lanolin oil added to make it more corrosion protective. That gives you an all in one which does a good job of cleaning, lubing and protecting
If you use ATF and Parffin in equal parts you you get a lekker oil which you can also add a bit of lanolin to and then it protects too.