Most likely coming from the shaft packing if you've checked all of the other common areas. You can tighten slightly if you have never done so, but be sure there is still some dripping (once every 10 seconds or so). Replacing the packing is very simple and if you have not done so in the past it may be time. Good news is if this is your issue, it is a simple inexpensive fix. Good luck.
Ha..I take back how simple it is, I've always had direct drives. Looks like v-drives are a bit more fun.