Thanks to Drs. Andre, Bernard and Richard.
Richard Wilson, Forest Program Pathologist with the Ontario Ministry of Natural Resources provided the following response.
I am pretty sure what you are seeing is Oat Crown Rust, and buckthorn is the alternate host for this disease. This is a tentative identification for now and I will send you positive ID once our lab can confirm this.
The causal agent of this disease is Puccinia coronata, a serious disease on oats and as you have seen, can be very damaging to buckthorn too. I have include a few websites here for your information.
http://ipm.illinois.edu/
http://www.apsnet.org/
http://www.omafra.gov.on.ca/
I now see the rust affecting buckthorn quite widely for many kilometres all around.