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The Police National Dive Squad will arrive in Queenstown on Sunday to carry out a search and recover the body if required.
Sergeant Kate Pirovano, of Queenstown, said Mr Wilson was last heard from when he rang a friend in good spirits while he was working on his boat at the Frankton Marina about 7.45pm on Friday.
Nobody had seen or heard from him since.
The dinghy Mr Wilson used to get to his boat was located on the shoreline at Frankton Beach on Saturday afternoon, sparking grave fears for the man's safety.
Anyone who may have seen Mr Wilson since 2.30pm on Friday is asked to ring Queenstown Police on (03) 441-1600 to share their information.