Grease from speedometer pick-up hole?

Joined
Jun 4, 2009
Location
Central Louisiana
#1
After running my boat yesterday, and loading it on the trailer, while I was putting the transom saver on, I noticed what looked like lower unit grease coming out of the speedometer pick-up hole on the foot of the motor. My speedometer has not worked in quite some time, and I haven't bothered with it since I just use my GPS unit as my speedometer. What could be causing lower unit grease to be coming out of the speedometer pick-up hole? Oh yeah, the motor is a mid 80's 2.4 liter Mariner V6.