Threaded hole...
I have a 72 402 block in the shop with the same threaded hole, just checked it. It does not go thru to the water jacket...it has a solid bottom
Must be for mounting or attaching something 
I'll take a look at one of the 1970 cars over the weekend and see if I can learn more.
-wilma
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02 Berger 380hp #95
Lots of L78 Novas
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70 Orange Cooler
69 Camaro
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