Port matching is to grind/polish the intake manifold ports to the exact size & shape to those in the head or vise versa giving an unrestricted path to the valves.
Same with the exhaust ports being cut pertectly to the extractor pipes.
O ringing refers to a circular groove about .25mm deep or less being cut into the block and head. A special gasket is used that once inplace & torqued is virtually leakproof ie locwire head gaskets
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