I had anticipated a repeat problem like this and had therefore purchased a little tube of aluminized powder sold to stop radiator leaks (this tube had a yellow label with the "Gunk" name). The more coolant I added, the more it dripped. Same story, as the second gallon of coolant was added, the drip. I even waited a day or two for the sealant to set-up a little more. Now with even more thread contact and fresh sealant I was sure it was good to go. I purchased a new, longer bolt at 4 1/2 inches and coated the threads heavily with the Permatex (which I have been using since the 1970's by the way). OK, I removed the bolt which measured a hair more than four inches. The bolt was already good and tight, but I tightened it further still. I remembered having put a good quantity of brown, sticky Permatex on the bolt threads (including the other 3 bolts that pass into the water jacket) so I was surprised to find a drip. When I first tried to re-fill the coolant for the first start after restoration, the bolt in question began to leak as soon as I began to fill the system with the second gallon of coolant. I had removed the water pump, cleaned and painted it, and reinstalled it with new gasket, of course. The last three years the vehicle was being restored, so the engine has not run during that time. The subject powerplant is a circa 1980 318 block that was rebuilt professionally about 10 years ago using a cast iron 273 water pump (vehicle is '65 Formula S). I know this is a mysterious but common problem and wanted to document my personal experience (for all posterity) with the bolt that serves to hold the bracket to adjust the alternator on one end and also serves to secure the water pump.
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