Tank leaks. Question

My 3L tank is leaking out the threads.
Can I use thread tape on the valve? Does the little hole on the side need to breathe back into the tank? Should I just lube the seal with silicone grease and reassemble? Any help is appreciated. Thanks

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First off....
The reason that your tank valve is leaking through the thread... Your Neck O-ring is old and smashed.....
It should have a round cross-section.
Next that small hex fitting with a hole is the Burst Disk.... It will pop if your tank is Over Pressured!!
A safety device....

Stuart