Most likely the seepage is coming from the timing chain cover. There's two passages from the block to the water pump and the steel inserts in the gaskets like to rust away causing a seepage or outright leak depending on the severity of the damage and how long its left to leak?.
If this is the case ya might as well change out the stretched timing chain and the sprockets since they will be exposed to make the repair. Replace the front oil seal and check your harmonic balancer out for rotted rubber along with excessive oil seal grooving.
Replace the water pump while your at it if it hasn't been recently, thermostat, and any idler and tensioner pulleys that might have rough bearings.
Did this a year and half ago and when i went for a test ride i couldn't believe the power the engine had from replacing the cam chain, it was planting my butt to the back of the seat every time i touched the throttle!!!!!!