Same thing happened to me. Except my pin hole was located on the round part directly above the thermostat. I threw it out and bought a cast iron one from NAPA. Those things are junk, not worth risking your engine over.
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1971 Shortbed 350/350 w/ Posi-traction 3:73's
1996 Chevy Silverado
TJ in Springfield, Virginia
Likes old Chevy trucks
Drinks Miller MGD
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