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Your can held 1500 rds of 7.62 ammunition intended for M134 mini gun, 9 rds of M80 ball ammo to 1 rd of M62 tracer. Can was stenciled before 1978, as it has a FSN not NSN on the bottom.
No clue to the stamping on the lid. My guess would me Manufacturer, month, date
 

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I can see and LC on the bottom and probably one on the top for Lake City. I have had very good luck with M-80 from LC, especially in my M14 Norinco with some sub MOA groups. For some reason it outshot my match ammo in that rifle but I am sure lot numbers vary in quality.
 

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Your ammo was made in 1972.
 
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