Every now and again I get a "First time I have seen that!" moment and that happened recently when I was replacing a weepy cylinder base gasket on a friend's engine.
Having removed the cylinder bolts and started to move the cylinder some emulsified oil (with water droplets in it) dribbled out!
Blow me down if the self-same thing didn't happen on an engine I stripped down this week
The stud hole is blind and the only access for oil and water would be through where the head of the long stud sits on the cylinder head as the rest of it is sealed by the head and base gaskets. However, I really can't see how water and oil would get in through there without the rest of the engine being contaminated with water.