Mid 70's 360 motor mysterious water leak

OK. Having an issue with my latest project. The motor is a 1976-78 date code 360 SBM. When it is running, water/antifreeze if leaking out of the lower passenger side water pump bolt. I pulled and cleaned the bolt. Put thread tape and sealant on bolt and threads. STILL leaking severly.
What could this be?
Thanks FABO for any help.

leak.jpg