lower unit question

[Muddy Water]

I tuned up the "new" old boat motor I bought on Wed. (72 johnson 25hp) One of the things I did was to change the oil in the lower unit. Today, I put the motor in a barrel of water to check her out. When I raised the motor out of the water, I soon noticed a stream of grayish oil streaming from a small hole (perhaps port) to the outside and slightly lower than the top plug on the lower unit. I'm sure this is coming from the lower unit, because the oil I removed when I changed it was the same color.

The hole/port is symmetrical and looks like its original to the motor and not some sort of damage.

Anybody have any idea what this is and how to correct it?