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looks like grease to me. do you grease it before and after winter. The grease will ooze out a bit - pump new stuff in until the milky stuff is replaced. Not sure if there are seals in there, how old is the motor???
Grease would make sense, as it hasn't been changed. Unfortunately I don't know where to pump it in, is there an inlet valve? I checked the manual and there isn't any mention of it..
I can see 2 grease nipples in your picture, try both of these. (Half way up looking right, and further up facing us)
Also have you checked your lower end oil?
See page 27 of you manual, and take out the lower screw as indicated, then put back in rather quickly, if the oil that leaks out looks any thing like what's in the picture, you have a major problem and take it in for service.
Mossman wrote:Cool. I was wondering what those silver things were! What kind of grease should I be using - and what gun or container can pump it in there?
I changed the lower unit gear oil last week and it was jet black.
You can get a marine grade grease at CT, but anything is better than nothing. Pump it in until good stuff comes out both ends, wipe off the mess and you should be good to go. When buying grease, get some of that blue workshop paper towel stuff - your gonna need it
Steve G has a good point - do the lower unit at the same time, even if it was done in the fall. 1 clean-up
I picked up some marine grease and a grease gun at CT. Then after a few minutes of wondering how it all worked, squeezed out that old gunk until new stuff came out of the joints.
A bit of excess grease is not uncommon after you've lube grease fittings, but it looks like you've got poor seals or something on the motor. Way to much cr@#p on the leg of that motor.
I would take in to a dealer for inspection and repair.