Originally Posted by PA66400
It is rust protection. Looks like Krown. If it is a Toronto car, Krown would be my bet. you do have some leakage around the valve cover, but there is no way that this could have covered the area that you show - you should take off the valve cover shroud and have a look. I think it pulls off on your car.
That doesn't look like Krown to me, but I'd agree that it's rustproofing. All of that gunk didn't come from your VCG