As Boilermaster said, the bolt may be from the front cover. The threaded holes are first punched, then threaded. The length of thread is fairly short.
You might get away with using a time-sert (solid body thread insert) but I don't recommend a heli-coil. If you go this route, keep in mind that the metal shavings are going inside the engine, if you try to do this without pulling the cover. You can run a shop vac while drilling and fill the flutes of your tap with wheel bearing grease to catch most of the shavings. If you decide to pull the cover, you can tack weld a nut to the back side, but make sure you don't end up with any interference with the nut and timing chain/sproket.
Another thing to keep in mind is that the timing cover has a lip that tucks under the front of the oil pan...it's not all that easy to get it installed correctly without dropping the oil pan.
My suggestion is: with the front cover in place, wire wheel the gasket surfaces and inspect for corrosion damage. If the condition is not good, just get a replacement, otherwise, consider the time sert without removing the cover. If you go the time sert route, use the red lock tite stud & bearing mount on the outer threads of the insert ONLY.