Very interesting, Diank (& perplexing

)
Obviously, it has to be the Mags themselves or the Indexing system, but is there any metal dusting in the mag area?
As a first course of action I would remove the 'O' rings & clean-up the mags themselves - replace the rings after rubbing a small amount of non-mineral oil on them (veg. oil will do

). Clean out the breech area then try the gun without pellets (mag in) to see if its indexing/turning cleanly.
When 'O' rings age they can sometimes swell up - if they look at all dry or cracked,
sling 'em out 
they are easily replaced (size is on the FXOC Cyclone exploded diagram & parts list).