LS3 low compression cylinder 3
I'm guessing the air you're feeling on your hand is air that leaked past the rings into the crankcase, and is exiting the oil-drainback holes in the head.
If you can fill the ports with liquid (with rockers off), then pressurize the cylinder and NOT blow the liquid back out of the ports, then you can't blame your 50psi compression number on a bent or burned valve.
You've got a broken ring land or a scuffed cylinder. I guess it could also be possible the HG is blown just right to cause similar, but I doubt it. Either way, that head needs to come off.
Report back on your findings!
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Buy or build a leakdown tester. Whenever engine health is in question, use it the "normal way", pressurizing each cylinder at TDC of compression stroke. Find the source of leakage. Sometimes the flame from a cigarette lighter or a smoke generator (lit cigarette works well for this) is helpful in finding air leaks.










