Re: Look at this bleed through...
I ground it back to get the rest of the water that worked it's way through out and will fill the small areas with some resin. It looks like some water worked into the joint over the winter through the keel bolts. If it was a big $$$ boat I would drop the keel and have a look-see but it is not so I will not.
One of the old-timers at the marina said to use bondo with glass mixed in.