Speaking to media yesterday, Inspector Olaf Jensen, Otago Lakes Central area commander, said it was unclear what had happened to Mr Wilson, who was a well-known member of the community.
"We hope to recover Wilson from below where his boat is ... and return him to his family.
"It's a tragic loss."
As the news broke, people took to social media to pay tribute to Mr Wilson.
One Facebook user described him as "an amazing man with a sense of humour", while another said he was a "nice guy".
Wilson was last heard from when he rang a friend in good spirits while working on his boat about 7.45pm on Friday, police said.
No-one had seen or heard from him since.
The dinghy Wilson used to get to his boat was located on the shoreline of Frankton Beach on Saturday afternoon, sparking fears for his safety.
Police said a postmortem would be conducted in due course.
