Yes, this is a very likely sign of a failing hard drive. I would suggest to back up your data immediately if you haven't already and replace this, as even if it hasn't completely failed at this stage, it will become harder to recover data further down the line.
It IS possible the fault is repairable, but in all honesty with this amount of errors I wouldn't take the chance. You can check the SMART data reports and see what this reports for 'Reallocated Sector Count'. This indicates the number of bad sectors reallocated to redundant sectors on the disk. Usually you'd only start noticing real problems when these redundant sectors are already allocated.