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Supposedly Mineral Oil.
Lots of links on the webs. Herse one. Ballistol, The World’s First “CLP”

Once a stone is clean and had all the oil removed, oil can be used and can easily be cleaned with some Dawn dish soap and or a good degreaser like 409, or Simple Green.

It is letting the oil...

I use water with all my Arks. Smith’s water soluble Honing Solution and Ballistol, work exceptionally well and wash off with soapy water.

You will find a small, but passionate group of Ark users...