Puzzle - help please!

Puzzle - help please!

Observation - Puzzle - help please!. Description: I'm so unsure about this one that I've put it in ? for the moment. Small red/orange blobs that looked as though they were coming out of the bark of a European Larch (Larix europeus). The biggest bit was almost the size of a 5p coin. There would seem

I'm so unsure about this one that I've put it in "?" for the moment. Small red/orange blobs that looked as though they were coming out of the bark of a European Larch (Larix europeus). The biggest bit was almost the size of a 5p coin.

There would seem to be two possibilities. A fungus (but I couldn't find any more around in different stages of growth and I can't find in any of my books) or sap from the larch (which would normally be colourless to pale gold but may have been affected by the low temperatures and wet conditions.

Edit: Moved to Fungi & Lichens: there seems to be agreement that it is a fungus of some sort but I think the jury's still out on what sort. Thanks to Alan and Mark for their helpful comments.