It is recommended to change the gearlube every 100 hours or once every season (whichever comes first). With a new sterndrive you should change it in the first 10 or 20 hours. Gearlube is cheap compared to a new sterndrive, so change it more often if you wish.
As far as the gearlube looking like metallic paint, I would guess that a gear failure is in its first stages. It is normal for some metal fillings to be on the drain plug, but there should not be any significant chunks. I would recommend getting the sterndrive inspected, or replacing it with a new one.
Tech Support
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When to change oil?
How do I know when it's time to change the lube oil? Does mercury suggest a certain intervel? I pulled the plug and drained a little into a cup and it looks like crap. In fact my plug has some metal chunks about like grains of sugar on it and the oil looks like black mellalic paint? Somehow I don't think that's good:( (it also stinks bad)
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