Blown head gasket, or worse?

[David Ware <dware@uk.ibm.com>]

I've noticed this twice now, a creamy substance in the rocker  cover, m=
ainly
around the oil cap.
Is this an indication of a blown head gasket?

I've checked for other signs, I've run a compression test and they all =
seem
fine,
each within 10 percent. No loss of coolant (as far as I can tell) and t=
here
isn't any air being
blown into the coolant expansion tank.

Am I on the right track with the head gasket?

David Ware

77 Spitfire 1500 (UK)
=