Secret Sauce.From Mac-1 site:Don't overdo it, a few drops at the front pivot & rivet is all you need on those two. The pivot that connects the lever link to the piston end that guides it is a porous piece of steel. Put 6-8 drops of Secret Sauce on that pivot as the guide end of the piston acts as a storage of oil so a film is laid down on the tube each pump stroke. All else will get taken care of by blow through.Never put lubricant in the air hole.
If it's coming out the breech area it's coming out the barrel as well. Your just hearing it more out the breech. Either because you have it cocked already or your bolt probe oring is toast. If this is the case, I'm sure it's leaking on less pumps too. You just might not be hearing it until greater pressure is built. Check to see if bolt probe oring is good by pumping it, cock it, close bolt, lay paper towel/tissue over bolt, and fire. If the tissue doesn't move your bolt oring is good. Now pump the rifle and listen at the muzzle. If no air noise can be heard here and you clearly only hear at breech area. Your valve nut most likely has come loose and you need to tighten it.
Glad to be of service. Happy shooting now brother.