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What happened was it got a puncture that was slowly losing air. It was small so I thought it might seal up eventually.
I carried on riding and topping up air pressure from time to time but I think I must have ridden it on too low pressure as it started losing air quicky; that's when I noticed that air was coming through the sidewall.
When I took the tyre off to put a tube in, there was lots of sealant inside but it had gone into a gooey sludge which was stuck to the tyre. Only a week old.
Leaking would point to problems sealing, either moar rim tape or valve sealing. I wouldn't want sealant being used up to seal leaking rims/ valves