We were on our way south from Brunswick, GA, close hauled in a 10-12 knot wind, just a bit after sunrise and somewhere off of Cape Canaveral. THUD! What the devil was that? A quick look around and I decided that it was a "boat noise." Later, going below to use the head, I noticed that the bilge cover between the mast and the head bulkhead was askew. I've monitored the corrosion at the base of the mast, but apparently failed to notice how advanced it had become. The bottom of the mast had moved forward a good inch! So,drop the sails, a few more hours to Ft Pierce, FL. Tomorrow we will have the stick pulled, I will cut off the corroded section and shim up the step with starboard. I will put a zinc at the base of the mast.