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I dropped a 5/16"x3/4" bolt right into the water jacket of my 4.9L I-6 cylinder head, it went straight into the thermostat opening and the engine was sitting straight up( on the flywheel end). It rattled as it bounced deeper and deeper. It is out of sight and I don't know if it could cause a big problem. I wonder if it could have fallen through to the block, I would hate to think it was jammed up against a cylinder wall.
What will happen if I just leave it in there? Signed, stupid.
Never done THAT. My GUESS is that it shouldn't be a problem, but I REALLY DON"T KNOW. It seem that with all the metal in a block, another bolt is just a drop in the bucket. I doubt the flow from the water pump could move it around. Hopefully it isn't in a spot where it's impeding flow, which MIGHT cause a hot spot.
It's not likely in the block the water passages aren't that big , try a long magnet/upend the block. If by some cruel application of murphy's law it did get in the block remove the rear frost pug and fish from there. Good luck!!
Luckily, I got it out. It was down near cylinder 4, but not out of reach. I put her on an engine stand and turned her a few times until I could at least see the bolt. And it came out with a slender magnet on the end of a telescopic probe( not flexible). There is a trick to getting the magnet down there: Number one..the magnets I had were all about a 1/4 in diameter or larger, that was no good because the passage way down thru the head was only 1/4 wide. I found a nice retrieval tool at Sears that had a smaller 1/8 inch diameter magnet. The trouble is trying to push a magnet down thru an iron head, the magnet wants to stick to everything on the way down the passage. Number two..I fashioned a "pusher"wire out of a wire coat hanger. I straightened out the hanger and made a small loop at the end that actually rested behind the magnet head and I could push the magnet thru the passageways when it became stuck. Got the bolt out and drank a few beers. Thx guys.