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You could try Rust Converter on the bottom, once you have cleaned it up, as this will chemically seal it. Another option is epoxy sealing, good stuff, like boat builders epoxy. Most of the epoxy sold at Bunnings is usually hydroscopic ( will break down exposed to water over time), whereas boat builders epoxy can be submerged for years without breaking down. Try International HT9000 at any Whitworths boating store, or BCF has it too I think.
Do not use normal fibreglass resins, they also are microscopic and do not bond well to metal.
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