Our drip stop magnet had also rusted out. Luckily we had a similar style magnet left over from some project in the past. Gently heated the plastic and inserted replacement magnet, then bent the plastic back over the top to retain it in place. Seems to have fixed the problem. Alternate solution is to cut some small pieces off the back of refrigerator magnets and stacking them in the hole where the original magnet rusted away.
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=== Update (07/25/2019) ===
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Here are some pictures…
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Remove screw
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[image|1811854]
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Remove drip stop assembly
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[image|1811851]
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Magnet (or rust) located inside the tall “finger" (silver spot inside the end of the finger in this photo)
Our drip stop magnet had also rusted out. Luckily we had a similar style magnet left over from some project in the past. Gently heated the plastic and inserted replacement magnet, then bent the plastic back over the top to retain it in place. Seems to have fixed the problem. Alternate solution is to cut some small pieces off the back of refrigerator magnets and stacking them in the hole where the original magnet rusted away.