What is this leaking from the Holley carb base? (includes pictures)

[rrc0]

After a rainstorm, when opening the engine bay I noticed a lot of condensation... and this!
What is leaking from the carb base?
Bad base gasket?
No water in crankcase oil.
Plugs look good.
2001 Volvo Penta 3.0 GSM-A runs fine (but has a high idle and some blowby).
New to me boat with only 118 hours. To this newbie it looks like an oil and water mix, but where did it come from?

 

[alldodge]

Have seen it before, but just what happens when oil and water mix. Don't see it as an issue

 

[Lou C]

do you have a lot of water vapor in the hose going from the valve cover to the flame arrestor? is the engine running too cold? sometimes cold running (ie thermostat not closing enough to keep engine at temp) can cause that. You can also under certain conditions see moisture condensing on the side of the carb due to humid conditions and air flow through the venturi causing the body of the carb to drop below the temp of the dew point. I have seen it occasionally on my Quadrajet.

 

[Scott Danforth]

a boat with 118 hours should not have blow by

that looks like water and oil vapor from your blow by.

 

[rrc0]

I was really surprised (and disappointed) to see blow by on a low hour motor (118 hrs). It is a 2001 and a forum member suggested it must have sat unused for a long time. This period of disuse may have caused a problem with rings and cylinder walls. It's new to me and seems to runs fine, but when I pulled the rear vent hose from valve cover to spark arrestor with engine running, there is air escaping from that opening. I expected to feel suction. Is that blow by?

 

[alldodge]

Your not going to see/feel suction when vent hose is removed, it will always be a tab of pressure coming out.

Now if there is a lot of oil smoke coming out then yes blow-by
Even if it was caused by blow-by (not convinced) it may clear up with some running