Lower unit lube is usually more of a brown color, with 2 cycle oil being green. If that’s an oil injected motor that’s about where oil will drip if you have an oil injection line on the powerhead going bad.
Take the cover off the powerhead and wiggle the oil lines. One of them is probably cracked and brittle and will break if you tug on it.
A cheap fix. Just get some oil line from your Mercury dealer and some new clamps at Fleet Farm, etc. When changing oil lines it also doesn’t hurt to premix a little oil in your gas (say 100:1) until the oil lines have purged the air out of them.
Good luck.
Dan