'74 with a 2.5L subie motor (non-turbo)

Noticed that my car was not cooling properly and after burping and re-burping the system a few times, I noticed a leak coming from the engine. I noticed the leak coming from a seal close to the thermostat housing - but not at the thermostat.

Take a look at the photo. I know that this engine is prone to the head gasket failure, but not sure if this is it. I'll probably post on NASIOC too, but thought I would see what you guys think first.

Taken looking up from underneath the car:

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