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Your photos show a lot of corrosion at the water pump. A new pump will stop leakage in that area.
You also have a lot of corrosion at the water jacket cover plate, usually caused by leaking bolts and corrected by the installation of studs to secure the cover plate. You say you had to drill out studs - is this correct? That area should be dry now if you installed studs.
The heavy corrosion under the water pump is likely in the flange of the oil pan, not the block.
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