That I believe is a weep hole for the timing cover itself. Unfortunately im experiencing problems at that exact location. Im mike new to forum btw, i paid to have my timing cover gasket replaced last year top driver side (common location i hear?) so whilst in there @ 182,350 I decided to pull intake manifold, kegger mod, clean entire inside nand cut divider on throttle body mount. New pan gasket and bolts, valve cover gasket’s , distributor, hi flow oil pump , melling pickup tube) oil pan, timing chain and gears, basically everything including hoses and clamps etc fuel injector o rings bla bla…4 days ago i noticed coolant leaking, im thinking these idiots didn’t put a bolt back, lol 3 days later i finally realized that they didn’t smap a bolt flush with block n rtv the hole, but apparently the timing cover and or gasket and water pump and gasket and fan clutch are all bad again …im literally physically nauseous because I haven’t stopped working on it since I got it back 3 months later and we aren’t on speaking terms.
I actually did work there for almost a month ans let them kinda back burner mine so I didn’t get charged as much and had privilege of working on my vehicles there. So to answer ur question thats a weep hole I believe for the cover. If im wrong someone please correct me before i redo this entire job again myself unnecessarily