"We are now reasonably confident that we know the approximate location of the aircraft, based on the oil slick and debris that has been found so far.
"We believe the lake in this area is up to 125 metres in depth - which is well beyond the level at which our conventional dive squad can operate."
Mr McKay said search teams had been stood down after confirming the likely location of the helicopter.
"As soon as further assistance is available we will resume the operation to recover the pilot and the aircraft, if this can be achieved."
Rob Kittow, the principal of Way To Go Heliservices Ltd, confirmed yesterday that the aircraft was one of his company's.
The company was supporting the search and rescue effort by emergency services, and was co-operating with investigating authorities, he said.
Staff and friends were deeply shocked and were doing everything possible to support Mr Mehrtens' family and friends.
"We are a close-knit company and Mike was a highly valued and much-respected team member,'' Mr Kittow said in a statement.
"The aircraft was on a routine agriculture operation and there is nothing at this stage to indicate the cause of the accident."