This is probably a water glass (sodium silicate) solution, the shadetree mechanic last-chance stopgap repair for a leaking head gasket or crack in the waterjacket, before giving up and doing a proper repair.
Canadian Pep Mfg. is long gone, the sodium silicate solution is still around, sold as Block Seal and other names...
This one member of the miraculous goo family really does work, but the directions are poorly written. To achieve a repair that will outlast the original casting you have to vigorously shake not the goo can but the whole engine. I use a large-loads clothes dryer looted from a coin laundromat for this, makes it easy on all but the most humongous V8 engines.
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