At 7.30pm, Otago Lakes central area commander Inspector Paula Enoka said the search was continuing last night, as LandSAR volunteers searched the shoreline.
The national dive squad had been requested and would be deployed today, Insp Enoka said.
Witnesses said the events of yesterday afternoon mirrored what happened last Friday.
The missing man was one of three people who went to the aid of a child after they got into difficulty close to the mouth of the Rees River.
The child and the two other rescuers made it back to shore.
The child had been with a family playing on a long sandbank that runs next to the river.
The witnesses believed the three rescuers, a woman and two men, were “Good Samaritans” and not related to the child in distress.
Witnessing the events was “sad to watch”, one witness said.
A Glenorchy resident said members of the small settlement had discussed the need for an official sign to warn the public since last week’s death, although no action had been taken yet.
The area near the wharf had a steep drop-off, at a nearly 45-degree angle going down to a 21m drop.
Eddies at the mouth of the Rees River made the area north of the wharf “treacherous”, as they could pull unsuspecting swimmers out.
Police said this morning that the search for the swimmer is continuing.