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Water coolant leak. Leak identified but unsure of how to fix it.

I have discovered a coolant leak from my 2000W Fiesta Finesse after hearing hissing. After a few days i've now identified the leak. I'm no expert with engines so i'm unsure as to the actual location name. It is not the coolant box or the hoses it is the main body where you check the oil and dipstick. There is a circular medal size shape at the right hand side facing the hoses, with a pinhead sized hole which squirts out water when you turn the engine on. Not too much at once is leaking but what is the location is this the head gasket? Is there a way to repair this like something to 'paint' over it to repair it? Or maybe use something like Radweld?

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From your description I think you are describing a "cylinder block core plug". That will need to be removed and replaced.
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