Heavy bullets penetrate well at any speed. I once shot a deer with an 1858 Enfield. Used a 530 gr minie on top of 50 gr of Ffg. Might have been cruising at 1000 fps at the muzzle. Deer was around 90 yards away. I thought I missed as I heard the projectile richocet off the ground in the distance. Clean thru and thru in the upper lungs. At impact the projectile was likely running 750 fps.
Yeah, heavy bullets penetrate well. That load is going to hammer any deer or elk for that matter. That is an awesome bullet and load.