Police have located what they believe is a body under the boat of missing man Alan Wilson.
It was found on Saturday night using underwater camera gear. The Police National Dive Squad will arrive in Queenstown on Sunday to carry out a search, and complete body recovery if required.
The 63-year-old hadn't been heard from since ringing a friend while working on his boat at the Frankton Marina at 7:45pm on Friday night. He was last seen at 2:30pm that afternoon.
Police spent Saturday searching the Lake Wakatipu shoreline and waters for the elderly man, who Sgt Kate Pirovano described as having been in "good spirits" before his disappearance.
Mr Wilson's dinghy, which he used to get to his boat, was located earlier on the shoreline.
Police are also making enquiries in the wider area.
Anyone with information or who saw Mr Wilson on Friday evening can contract the Queenstown police on 03 441 1600.
Police are providing support to Mr Wilson's family.