Put some lipstick on the underside of the bolt handle and attempt to close the bolt. With a SHARP inletting tool, remove small amounts of wood .....colored by the lipstick. Repeat many times until enough wood has been removed to allow the bolt to close. Smooth the inletting with fine grit sand paper on a small dowel. Stain and refinish the wood. Use turpentine to remove lipstick from the bolt.