I think the keel bolts terminate in the keel with a head/nut and these are accessed through a ‘window’ about that distance down the keel. They are then filled in with a fairing compound. It may be allowing some water in and hence the weep. I have a 44P and have a trace dribble in same area. You could reseal with more epoxy and fairing compound and then just prime for antifouling over that.
Hope this helps
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