Try tapping the mast base back into the mast using a hammer and a block of wood placed between the base and the hammer. If the mast base moves back in flush, then it means the holes for the rivets have elongated. Eventually they will pull all the way through the bottom of the mast and the base could separate from the mast while you're stepping it which would cause the mast to come crashing down. To prevent this from happening, drill two (or four) new holes 3/16" diameter through the mast and into the mast base and then install new rivets.
If you tap on the mast base and it doesn't move, then I would guess that the base was originally riveted with the small gap and it is probably OK. Really, though there should be no gap, the base should be flush to the bottom of the mast, so I suspect the rivet holes have elongated after 30 years of use.
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