Two very small round holes on lower unit (1975 Mercury 4.5hp)

Hi all -
I recently bought a 70s model 4.5hp 2-stroke Mercury outboard. I changed the impeller and gear oil. I got it running but the oil came out in the water bucket as it ran.
I assumed I need to change all the lower unit seals.
Then I noticed two tiny round holes (on the right side, looking from the front) that were seeping water/oil (milky brown).

Wondering if these holes are normal or if they are small cracks. I don’t want to waste time with new seals if the lower unit had cracks.

Thanks gif any advice you can offer.
cheers

My wildest guess say that oil in the water is normal.----The factory drain holes are normal.---Brown sludge is normal.----Outboard lower units can be pressure tested to find leaky seals.

Thanks, Racerone -
I think you're right - pressure test is the way to go. (btw - I've attached pictures of the pinholes, here)
There are definitely some bad seals in the lower unit.. When I screw in the gear oil drain screw at the bottom, open the vent screw up top and blow air into it, it sounds like there is air coming out of the prop housing. So something in there isn't sealed. I'm hoping these pinholes are just for water drainage etc.

Hopefully a new seal kit will do it.
Thanks!

Be prepared for a pitted and rusty driveshaft at the seal area in the waterpump base. Don't order seals until you've done this inspection. Starting in 1976, Mercury finally committed to stainless steel driveshaft and shiftshaft

Water drains to prevent freeze damage.

Jeff