I have some of the same blemishes on my elm. I tried to chase a ring under it, but my light was bad, and I failed around a knot and sortof ran out of sapwood. It was definitely a bug on my wood--right under a hole in the bark. If your rings are thick enough (I thought mine were, but the thickness seems to change in places on this stuff-but you are better than I) you could probably get under it. they are not deep, I think.