if none of the above work, then it will be down to the good old 'helicoil', see link. Locite also have a range of pipe thread sealants which may also help, Locitite 567 may work for you in this case as it is for 'coarse' threads, see 2nd link
you can get a Helicoil 'kit' for specific thread sizes, this includes the correct size drill, insert tool etc, but you would have to go to an engineering supplies company, for the Loctite also, if you decide to use it. If you are located in the UK, then someone like RS Components, BSL Brammer, or Buck & Hickman should be able to help
I am just making it clear that if you use any type of cutting device (eg. tap and die or helicoil) that you should remove the head so as not to put metal shavings in your engine.
Jarrah.
-- Edited by barra8 on Sunday 12th of August 2012 08:25:07 AM
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It is just a blanking bolt so doesn't need a lot of pressure. PTFE tape might well do it
It should have a copper washer which could probably do with annealing as well.
Shouldn't need to remove the head if drilling and retapping - just take the cam cover off and put some rag in there. It's not too close to the slippery bits and is in a plain hole so any swarf can easily be blown out or cleaned out with a rag down the hole
You are welcome to borrow my Recoil kit if you want Richard.
For a less critical application (valve cover bolts), I simply used a bolt that was a few mm longer to engage thread that wasn't stripped. The pressures acting against a head bolt are considerably higher, but it is an easy and cheap thing to try.