Most likely the water pump. A good portion of it extends under the timing cover and it could be the water pump gasket. Or even the water pump itself and could be spraying against the cover and running to the bottom.
I understand there are some freeze plugs on the front of the head that COULD leak and cause symptoms as you describe. VERY unlikely, but if they are leaking you'd need to remove the timing belt to get to them... so might as well replace the belt unless it was just done. Water pumps do not last much longer than the timing belt recommended changes, so when changing the timing belt it is best to change the water pump even if it isn't bad. (You have to remove the belt to replace the water pump.)
... So, plan on replacing the water pump, timing belt and tensioner pulley. When you have it apart, inspect under the cover for other leakage and take whatever actions are needed at that point.
thanks for the reply from you and tlctracker 76. Removed all needed parts and water pump. Pump appeared to be OK, but the gasket fell apart in pieces, very hard and brittle. Replaced both and we're up and running. thanks again