The Duntroon site, dating from the 1890s, is the only Heritage New Zealand-listed village blacksmith.
Trust chairwoman Jan Keeling said the blacksmith was an important building to preserve as it was also one of the only working blacksmiths in the country.
"It has a story unique to North Otago, just as the Waitaki District Council and community are focusing on stories relevant to our local history."
Mrs Keeling said they began to fundraise last month for a 10-year maintenance plan
with a view to obtain quotes for repairs to the original structure still in use today, and for restaining of the building to protect the wooden structure.
"It’s a scheduled maintenance, and to apply for grants, for our contribution, we would like to get up to 30% to 50% of fundraising towards smaller grants and towards the larger grants.
"At this point, we don’t know what the total cost of the project will be," she said.
Nichol’s Blacksmith is open daily for visitors and tour groups.
Mrs Keeling said she was "exceptionally grateful" to the volunteers who give their time at weekends to work the coke-fuelled forge.
"The forge is lit, and the blacksmiths are creating things," she said.
Coke for forging was cleaner and a hotter-burning fuel than coal but it also required more air to light and remain lit.
The trust has started a Givealittle page for donations to help raise funds for the historical attraction and will provide updates as the project progresses.
