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I would look closely to make sure it isn't oil. Even a thin coat of oil will gather at seams and be drawn out of a gun due to capillary action. I use grease on some of my rails even it does the same thing.
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This was my thought, too. No matter how judiciously I apply gun oil or slide grease, I always get a little bit that "wicks out" at the seams over the course of the next few days.