We are experiencing something strange looking on our keel. See picture. We've been told that it may be something that is seeping through the keel. Has anyone ever seen this? Experienced this?
Since you are in Toronto, I'm assuming that you are using VC-17 as a bottom paint on a lead keel.
The problem is likely an AC leak, especially if your boat is bonded and there is connection between the keel and the DC negative system. The AC ground (green wire) should be connected to the DC negative at the common ground on the engine.
Depending on how the boat was wired, the source could be anywhere, chargers, refrigeration, inverters, GFCIs, and so on.
On my boat, with the same symptoms, I found a small 2v AC leak from the AC hot to the engine block, but couldn't find the source of the leak. Several surveyors confirmed the electrolysis/current leak theory. My short term solution was to not connect to shore power and that stopped the problem, didn't cure it.
Carefully check your prop strut, prop, and all metal fittings below the waterline. The leak can leach out metals from those fittings.
It could also be tied to a marina AC problem.
Good Luck. Be sure to post if you find the culprit!