Help! 1996 VIP 1886 VISION inboard 4.3LX Alpha One Drive Chip with leaking stuff.

[Schacht7]

I do not know alot about boats but we just bought one and took it out last night and discovered what looks like a chip on the outdrive? it is leaking a yellowy liquid slowly. We planned on going out today but afraid to now. What you see in the photo is what it leaked over the last 12 hours so not a ton but still don't like the idea any help would be great. The gear oil level is where it should be as of now. WELL its telling me i cannot post photos so will try to add to comments. Sorry first time on here.

Would not let me upload photos but here they are on a google doc
https://docs.google.com/document/d/12NvTQxCwsIPcHGL2sbBUfJ7ee5Y92Eg_5RfYQEuxmUs/edit?usp=sharing

 

[Schacht7]

Still not letting me add photos SO any help on how to get it to let me add those too.

 

[Rick Stephens]

That 'chip' is the pitot tube hole that provides pressure for the speedometer. It is supposed to be there. Can't speak to the yellow liquid. If it was outdrive lube it would smell like gear oil.

You have to have a few posts before the forum software will allow you to post pictures.

 

[Schacht7]

Atleast I know what this thing is that we thought was a chip! Thank you. Hubby says it's sorta oily like but it's literally a milky yellow color.

 

[Rick Stephens]

Take the lower drain plug out and let a little bit of gear oil into a jar. See what it looks like. A teaspoon worth won't change level at all and will tell you if there is a crack or leak in the housing.