There is some light surface corrosion under the paint as you can see in the pic but it is definatly not corroded threw.......but now I am thinking when I bought it it had a ss prosthetic limb bolted onto the bottom of the skeg and a new way under pitched prop on it.....I threw both away and welded new alloy on and shaped up the skeg and got a suitable pitch prop but now you say that and noting the patch up job damage repair when I got it maybe that hole was there and bogged over and painted....yes I think that is the most likely scenario.
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