Police find helicopter wreckage of missing pilot Matthew Wallis

Police believe they have found the wreckage of the helicopter of missing pilot Matthew Wallis in Lake Wanaka.

Mr Wallis was reported overdue just after 1pm on Saturday.

It's understood the 39-year-old was delivering supplies from Wanaka Airport to a lodge north of the township, a flight expected to take 15 minutes.

Police say The National Dive Squad established what appeared to be the wreckage, about 47 metres below the surface of Lake Wanaka.

A Navy dive team is due to arrive in the area later this afternoon to assist police with the operation.

The search at Lake Wanaka has entered into its third day, with police now saying it is a recovery mission.

It is not yet known if Mr Wallis has been located. 

Newshub.