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It is a ring on the rifle, the one on my winchester is on the left side of the receiver.
I asked the same question when I got my 94 in 45 Colt. The most common explanation I found is the saddle ring was used to attach the rider to the rifle while he was in the saddle. If the rider fell, the rifle came with. That may or may not be correct, it is just the most common explanation I found. Well, it was the second most common. The most common was, "I dunno!"
I hope you enjoy your 94. I have a blast with mine! (no pun intended)
David
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