The 70-year-old man, referred to only as "Christos" by police, was last seen on Big Muster Drive at Dinner Plain about 2.45pm on Friday.

It believed he went for a walk to see emus, which had been reported in the area, and likely became lost.

His wife reported him missing about 6pm when he failed to return.

Police, including the air wing and search and rescue members, continued to search the area on Sunday with paramedics, SES volunteers and Parks Victoria staff.

Inspector Paul Hargreaves said about 50 people were involved, including members of the public.

He said the missing man could have walked on Montane or Brabralung tracks, with police hopeful he had taken shelter.

"Our concerns are that it's quite cold," Inspector Hargreaves said.

"Our concerns going forward is that it might snow.

"Anyone caught out in these conditions, their health is going to suffer, which shows the urgency for us to find him.

"Our hope is he's safe and well and we can return him to his family."

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Bush Search and Rescue Victoria volunteers were also involved in the search.

A spokesman said they were hopeful of a positive outcome.

"We are wishing the missing man, his family and searchers from all agencies a quick resolution," the spokesman said.

He was last seen wearing a long sleeve top, long sleeve jumper, pants and crocs.

Anyone who has information can call Crime Stoppers or the Wangaratta Police Station, and police ask anyone looking to help to contact them first.

The Bureau of Meteorology has recorded a low of 3.3 degrees at Mount Hotham since Christos went missing.

But coupled with strong wind gusts up to 80km/h, an apparent temperature of -6.5 degrees has been recorded.

Inspector Hargreaves said the search followed a pattern, starting at the last known sighting area.

"We're focusing on the immediate area and branching out as time goes by," he said.

"We're hoping he's got cover from the weather.

"There are a number of trails up there and that's where our focus has been."

Inspector Hargreaves said any member of the public looking to be involved should be directed by police, rather than "going off their own bat".

"We don't want people doing things we don't know about," he said.

"The conditions can be dangerous, they can be slippery."

Anyone with information can call (03) 5723 0888 or 1800 333 000.

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