I'm assembling a new 5.7 crate motor, and I was testing a new electric fuel pump when I noticed that oil started to leak from behind the balancer. I took a closer look, and noticed it leaking from the base of the timing cover. See the pic, the oil is coming out of the hole that is circled.

Is this a leak in the oil pan gasket, or timing cover gasket, or maybe worse??

Is this a leak in the oil pan gasket, or timing cover gasket, or maybe worse??