Noticed some gold glitter in my oil filter after the oil change.  Doesn't seem to be magnetic, so I stuck my finger into the drain plug hole and there's chunks and shards on the bottom of the pan.  I can't "pull" any out because the hole wipes it off of my finger when I try.  Feels "sandy" but also can feel "longer" pieces (assumed to be 1/4").  The gunk is gray and I can't tell if it's magnetic or if it sticks to the magnet I used because of hydrostatic attraction from the oil.  When I cut open the filter there was only a speck or two of "glitter" on any of the pleats and no evidence of this gray gunk, and it's been running just great.  No smoke, no loss of power...
It's a 292 from the late 50s and I know very little about what went into the build.  If I recall, it has G heads.  

I have a suspicion that is a result of fuel dilution because I had some carb (Holley 600) tuning issues pop up early in the spring on 2025 that I tried to tweak here and there...when I put on a smaller carb (Edelbrock 500) this spring the plenum under the carb was moist after not running all winter.  Thinking that the gas tank mounted tank had fuel "pushing" on the needle and seat constantly and the ethanol finally rotted it.  

Anyway...what's my next step?  I assume drop the pan and have someone assess.  My guess is that the murky/sandy gray gunk is the teller but I suppose that's possibly part of a bi-metallic bearing?    

There's also the "Schrodinger's Cat Effect" that is telling me that if I didn't know any better, I'd have cruised it all season and maybe not even known.  

When was the last oil change?  As a general rule, change the oil at least once a year regardless of being low mileage with the idea behind that being to remove any contaminants caused by condensation and any oil that is beginning to oxidize.

Assuming you have not put many miles on this engine, I would suggest just changing the oil and monitor the oil pressure.  Then examine the oil and filter closely during your next change.

Grey gunk?  Without more information about the engine, it’s possibly residue from the last engine build and/or just the oil doing its job in capturing any moisture that was present in the engine.  The engine running on the cool side can be also a player in this.

Lorena, Texas (South of Waco)

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If this engine was run a lot back in the ''50s and '60s the deposit you are seeing is probably lead deposits frpm the leaded gasolinr we used to get.  I have seen that in many engines I overhauled back then.  It usually sticks to the bottom of the pan and causes no harm.  It scrapes out with a ;putty knife

John - "The Hoosier Hurricane"

Thanks for the input...
Answers:
I change the oil every spring so that it's fresh for the cruising season.  I doubt I put 1,000 miles/ year on it.  I've had it for 5 years now.  It was last changed in March, before today.  That's when I first noticed the gold non-ferrous glitter...my plan was to swap the filter out and keep an eye on it, which I did this past week.  Much less glitter this time, but again, much less mileage on the filter.  I've been using Amsoil Zrod (this batch was 10W30) since I got the car.  
After reading Ted's post above, I figured I'd try to get a closer look at this grey gunk.  I think it's pulverized metal- like you see on a magnetic drain plug in a transmission or rear end after 50,000 miles.  I used a small brush for cleaning out water bottle hoses to weasel into the drain plug hole and pull out as much of this murky oil as I could and also used my finger to try to pull out any "sandy" pieces.  I had a silver "strip about 1/8" long and maybe 1/32" wide and another small hard round piece that was much tinier.  Neither stuck to a magnet.  I got as much of it out as I could with my finger and put about 1.5 quarts of 0W20 in it (thinnest oil I had) then drained that in hopes that the thinner oil would grab whatever and run out quicker.  I used that little brush again and my finger and got rid of more trash, then filled it with Mobil 1 High Mileage 10W40 (supposed to have higher zinc).    

It has the road draft tube still and runs the popular NAPA 170 degree t-stat, stays around 180 or so.  When I FIRST got the car, a previous owner was running without a thermostat at all and when it was only running about 130, I got the cream colored gunk that's indicative of water in oil.  This gray stuff is NOT that.  

I got my Blackstone kit in the mail today...AFTER I drained the oil into my nasty old drain pan, so that sample will have to wait.   

So, maybe there's a bit more context now.  

Thanks again.  

if you pull the road draft tube that should give you a nice window into the oil pan and maybe a coathanger or fancier tool to push stuff to the drain plug, or vaccum it out. In my inexperienced opinion the gold flakes going away makes me thing you're through the top layer and into the babbitt, would leave a thicker grey debris fairly quickly. Oil pressure gauge will tell when its gone, id check crank endplay, especially if you've done any clutch or trans work done in the last few oil changes. its a quick easy test.
Seth

Hmmmmn. Well, an early 2025 we did swap transmissions. I’ve never checked and play before when doing this. Of course I haven’t done it that many times.

What exactly is happening then, with the geometry? Are you saying that the pilot bushing might be pushing too hard on the back of the crank?

Thanks

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The engine was run without the thermostat years ago. It ran hot when I got it. Not knowing that there was no thermostat, I put a Mustang water pump pulley on so it would pump faster and then it was too cold. That was 5 years ago. There hasn’t been any milky gunk in the oil since.

This batch of used oil is unfortunately in my ancient drain pan so it would have traces of every oil, brake fluid, transmission fluid, etc. change I have done for the past 18 years!

Damn blackstone kit came 3 hours late.