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Yes it may be sap. But sap doesnt just leak out of a tree for no reason. You just need to treat the problem, most likely a canker. I read through the link posted by Steve, (no offense intended) and the info was a little spotty, and had some "half truths", so do more research before you make any decisions that may affect the life of the tree.
This is a good place to start, a good reference you should bookmark and refer back to when you need. http://www.bioimages.org.uk/html/t1423.htm