This stuff has been around for many years. I remember my Dad useing it before I even had a clue about working on cars.
It's dark brown in color and has a strong smell to it. It has to be a oil base and it never hardens. It will get really stiff but remains somewhat pliable. I've removed header bolts, water pump bolts and the like that I had used it on months ago and it was still soft enough to reinstall and make a good seal.
I've removed leaking manifold and water pump bolts, applied it right on the threads, installed the bolt and it stopped the leak. Never drained the system. It reminds me of the old pipe dope, acts the same, smells bad. Don't get it on your fingers, you'll need gasoline to remove it.
It's not a silicone by any means. Silicone is for rain gutters.