Blue Brick

Here’s some bad stuff.
I was wanting to just put gaskets and maybe cam and lifters in this thing and call it good. How the hell does the crank about get pinged up like that? And how does somebody strip the crank bolt like that? What’s causing the corrosion? Tap water?

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tap water and time just sitting as in neglect . that really sucks about the crank bolt threads and it looks like the damage to the crank might be terminal