That is one of the 4 long bolts that go into the engine block and not just the front cover (right)?
You might be able to reseal the bolt if you are real lucky
Liquid teflon tape is what the factory used and I use
You gotta think though, there is not supposed to be much coolant coming thru the threads anyway
Your gasket may have failed when someone replaced the waterpump? (long ago)? maybe, and it is just starting to leak now
Looks like a nice front cover, and it is most likely okay
Those bolts rust away and loose torque too
Yours looks too clean for that, but you may want a new bolt when you go to try to reseal it