Searchers looking Mr Saxton have found equipment including a helmet and jacket, along with an oil slick, on Lake Wanaka near where he disappeared yesterday.
The 31-year-old and the Robinson R22 helicopter he was in were last seen near Minaret Station towards the northern end of Lake Wanaka at 6pm.
Saxton has been in the public eye after being convicted of stealing greenstone. He is on bail, pending appeal, after being jailed in February along with his father, David, for more than two-years after being found guilty of stealing hundreds of thousands of dollars worth of Ngai Tahu greenstone from south Westland.
They were bailed in June, and face restrictions on flying. They have to live in Haast.
Mr Saxton's father and uncle, Dave and Peter Saxton, are in Wanaka to be close to the search. Police family liaison officer Const Emma Fleming said the Saxton family did not want to talk to the media yesterday.
Aviators spoken to at Wanaka Airport yesterday were concerned for Mr Saxton and devastated he had had an accident.
They spoke of him as a sociable, generous person, always among the first to help other pilots and was always willing to help in search and rescues.
Aerial search coordinator Simon Spencer-Bower, of Wanaka Helicopters, said no-one knew what had happened to Mr Saxton but his accident had been a "huge blow''.
"Our hearts go out to the Saxton family. They've had more than their share of trials and tribulations,'' he said.
"Mr Saxton was a well-liked young man, not just as a pilot but as an individual," Mr Spencer-Bower said.
"He was a lovely, lovely bloke.''
Rescue Coordination Centre NZ (RCCNZ) rescue officer Mike Roberts said today searchers had found a floor mat, first aid kit and helicopter seat-back on the eastern shoreline of the lake.
The helmet and flight jacket were found separately, as was an oil slick near Mou Waho (Pigeon) Island.
Mr Roberts said nine vessels, two helicopters and three land-based search teams were combing an area around the island.
Weather conditions in the area were fine and clear and officials had enforced a no-fly zone around the lake while the search continued.
Wanaka police Detective Sergeant Derek Shaw said it appeared Saxton was on a repositioning flight from Haast to Wanaka in preparation for frost fighting in the region's vineyards this morning.
The men are respected rescue pilots and are credited with many rescue missions in South Westland, Fiordland and Central Otago.
Their convictions enraged many West Coasters, some of whom protested the jailings.
The pair run Heliventures in the Haast region. The missing helicopter is not believed to be one belonging to the company.
Morgan Saxton (31) was understood to be flying a black Robinson 22 Alpha helicopter, registration mark HXR.
According to Civil Aviation Authority the helicopter was owned by company Heli-Pest Ltd. The Companies Office records Mr Saxton is the sole director of that company, based at Haast, and the shareholders are Dunedin accountant Chris Saxton and Queenstown helicopter pilot Peter Saxton.
