That is an old bike and old rubber parts. Could be anything. Big outer seal, smaller inner seal, gaskets, o-rings, could be the passing oil from the transmission, past the output shaft seal, and down the shaft tube. Start by draining, measureing, and refilling both the transmission AND the rear drive. With clean containers, you can reuse the lubricant. Unless you know a recent rebuild history of this drive, I'd just start by replacing all the consumables in the old drive.
Patrick Hayes
Fremont CA