If you can see the coolant leaking from the weep hole on the water pump than yes, but if it's not leaking than it maybe the intake manifold gasket leaking and your just burning the coolant, this is common on the 4.3 liters. Check your spark plugs for color...maybe green of pink/orange (depending on the coolant used). Best option is to use a coolant leak tester.
You need to locate the water pump. It is turned by a fan belt. There should be water hoses running into and out of the pump. Water pumps have a weep hole that leaks water when the pump starts to fail. It is usually hard to see as it is behind the pulley for the fan belt. If you're seeing a leak in this area it is a pretty good chance that the pump is bad and needs replaced.
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