Hi, Welcome to the club.
Its the weep hole. It is designed to leak but if it is leaking to where it is dripping that means the water pump seal is bad.
Depending on the leak. You should consider replacing it.
Its not too hard, but it was a PITA to do.
I'll find a link and post in a few of when I did mine.
here is a photo gallery -
700 Water Pump Replacement
I dont think I did a write up on it.