That is a "Freeze plug", you prbably had some H2O left in over the winter and it froze and popped. Find the plug and use some GASKETCINCH around the edges to help seal. Let it sit for 24 hrs. Fire the boat with the a fake a lake and check oil, if it looks like YooHoo, you cracked the block or a head. Also check for fuel in the oil.......Some will say they are not Freeze plugs, but i built race engines for 5 years and thats what we called em'
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