This 'weep' hole is also known as a vent. If the internal seals of the
water pump go out, you'll end up with a lot of water coming out of that
whole in a hurry. Most water pumps have them typically on the bottom.
Some pumps use a grease fitting here, but those are few and far between
for cars today which have permanently sealed and lubricated roller
bearings inside. I do happen to have some used Triumph pumps that have
grease fitting there though. Always wanted to disassemble and rebuild one
myself back when I had a garage.
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