[JohnRPollard]

I'm inclined to agree with Faster. It looks like you have a cast iron keel, which are notorious for this kind of surface rust. Yours is in the very early stages and can likely be easily remedied by sanding/grinding and re-sealing. There are some threads here on Sailnet that address this sort of maintenance.

Double check your boat specs and see if your keel isn't cast iron.