Matt Wallis flew alone out of Wanaka, in a Robinson helicopter, on Saturday just before 1pm on a 15-minute supply trip to lodge in the Minaret Bay area. After 14 minutes he couldn't be reached by radio. Eleven minutes later two other aircraft were sent to look, in the search that is ongoing.
Helicopter wreckage was found on Stevensons Island, which is in the lake about 11km north of the town. An oil slick was seen on the lake surface north of the island.
Police divers were in the water yesterday but did not make any significant finds.
Detective Sergeant Derek Shaw said, yesterday, the operation had entered the "recovery phase. We do not believe that the pilot is still alive."
Queenstown Lakes deputy mayor Calum MacLeod described the Wallis family as a big totara tree in a small forest.
"Any impact on that family impacts the community ... they are a well-respected family and he's a wonderful man. It will be a tragic loss."
One Central Otago pilot, who asked not to be named, said, "We are all feeling for the family. As an industry, it's a tragedy. It's a very close-knit industry."
The Rescue Co-ordination Centre said the wreckage on Stevensons Island was from a Robinson R44 helicopter.
In 2008, West Coast pilot Morgan Saxton died after his Robinson R22 helicopter plunged into Lake Wanaka. The Transport Accident Investigation Commission found the 31-year-old was texting just minutes before the crash. Matt Wallis was in the team that recovered Saxton's body from the lake.
The commission - which has opened an inquiry into the Stevensons Island crash - put Robinson helicopters on its watch list, the highest alert it can give, in 2016.
- additional reporting Otago Daily Times