Hi,<br /><br /><br />1959 Johnson 50 hp Super Seahorse<br /><br />I took the boat out today to set the carbs after I rebuilt them. There is new hypoid in the gearcase. However, there is a greyish, milky oily discharge (sounds appealing) coming from the holes on the lower unit. One is next to the upper gearcase hypoid vent, one is underneath the fin. The stuff is leaking after I ran for a few minutes and has small black particles in it. Any thoughts???<br /><br />I can send pics if needed.<br /><br /><br />Thanks!