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Hi Lyle and welcome. It is not recommended due to the higher pressure of the 5.56 round and this barrel is stamped .223 remington. A 5.56 stamped barrel could fire both. Cheers and stay safe!

Lyle, the Savage Axis XP is rated for .223, you should not fire 5.56 from this gun. If it was rated for 5.56, you could shoot either round. Stay safe & have a great day!