Searchers who scoured the hill yesterday failed to find any sign of Garry Bradshaw.
With a southerly front expected to bring snow down as low as 200m in the Wakatipu district over the weekend, Senior Sergeant John Fookes said he was worried about Mr Bradshaw.
"Given the amount of time he has been missing, we do have serious concerns, especially with the conditions on the first night and with more bad weather on the way."
He said police and other searchers have been scouring "some bush areas around Fernhill".
Mr Bradshaw is described as 177cm tall, weighing about 77kg.
He was thought to have been wearing fawn trousers, a blue checked shirt and a grey "farmer style" jersey and sleeveless fleece vest when he disappeared.
A police spokeswoman said police staff spread out over Queenstown last night distributing several hundred fliers asking for any information or sightings of Mr Bradshaw.
Snr Sgt Fookes said earlier this week Mr Bradshaw's disappearance was out of character, but added he had recently been "unwell".
Mr Bradshaw was known to be a keen walker and other areas he was known to frequent, such as Queenstown Gardens and Queenstown Hill, were searched on Wednesday night.
A friend and previous neighbour of Mr Bradshaw's, Beau Norris, said his disappearance was unexpected but added that he had "not been himself" lately.
Mr Bradshaw was described this week as a keen walker who regularly explored Fernhill tracks and a keen skier.
He was an active member of the Fernhill Sunshine Bay Community Association.
Mr Brawshaw worked at the St Moritz Queenstown Hotel for seven years.
