Farmall M Water Jacket Cover

Removed water header from my M and found this behind it. I have no idea what it is and was curious if anyone has ever seen these before? Would they put a sacrificial zinc anode in the cooling system? It is made of a ferrous material a magnet sticks to it.
Does this mean my block has a hole in it somewhere? I need some direction if anyone can help it would be appreciated. :?
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Thanks for the feed back. I am going to continue with disassembly and presume someone has left a part in the cooling chamber on accident. Someone mentioned maybe it was a bolt that was used to hoist or move the block after it was cast and the bolt broke and fell inside and they just left it there? I am not sure how these blocks were cast but I am going to assume I don't have a catastrophic flaw in the block. The real issue I have is my new sleeves are in the block. Should I pull the sleeves again and send the block to the machine shop for inspection.... should I just continue with my in-frame engine overhaul... I did have some antifreeze in the oil which prompted me to pull the head. When I took the head to the machine shop they said it was cracked and I had them repair and put new valves and components in the head. I went ahead and put sleeves, Pistons, and torqued the upper end back together and then I found the hole in the water header. That lead me to the bolt or metal in the cooling system. I'm pretty gun shy now that I might need to remove the components and just want to know what everyone else thinks before I stick time in rebuilding the upper end only to have an issue right after I put it back together. Once I found the crack in the head I zeroed in on that as my cause for antifreeze in the oil. I never checked the block for cracks. Pretty much regretting that decision now and hate the fact I spent money on parts that are installed that might need to be removed. Any thoughts???
 
(quoted from post at 16:11:22 01/20/20) Thanks for the feed back. I am going to continue with disassembly and presume someone has left a part in the cooling chamber on accident. Someone mentioned maybe it was a bolt that was used to hoist or move the block after it was cast and the bolt broke and fell inside and they just left it there? I am not sure how these blocks were cast but I am going to assume I don't have a catastrophic flaw in the block. The real issue I have is my new sleeves are in the block. Should I pull the sleeves again and send the block to the machine shop for inspection.... should I just continue with my in-frame engine overhaul... I did have some antifreeze in the oil which prompted me to pull the head. When I took the head to the machine shop they said it was cracked and I had them repair and put new valves and components in the head. I went ahead and put sleeves, Pistons, and torqued the upper end back together and then I found the hole in the water header. That lead me to the bolt or metal in the cooling system. I'm pretty gun shy now that I might need to remove the components and just want to know what everyone else thinks before I stick time in rebuilding the upper end only to have an issue right after I put it back together. Once I found the crack in the head I zeroed in on that as my cause for antifreeze in the oil. I never checked the block for cracks. Pretty much regretting that decision now and hate the fact I spent money on parts that are installed that might need to be removed. Any thoughts???

I think you would have noticed any cracks in the cylinder walls when you removed the old sleeves.
 

Yeah, I am fairly vigilant and wasn't sure if taking sleeves out and reinstalling was necessary. I think I will continue cleaning water jackets and assemble the tractor and try a pressure test on the cooling system. I hope that will put my mind at ease and solidify my decision. If not I guess I will really be scratching my head.
 

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