Herbert "Nobby" Bartlett was found alive in grassland in Maitland shortly after 10.30am Thursday.
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The elderly man, 86, was found in the back paddock of a property on Bonar Street, Maitland. A police dog located the man during a search operation this morning.
He was hidden in long grass and was suffering exposure after spending four days in the elements.
Mr Bartlett is in Maitland Hospital being assessed. His family has been informed and was with him at the hospital for the medical assessment.
Ada Gibson owns the paddock where the elderly man was found.
"I could not believe it," she said.
"I had been down there with the police yesterday. I am just so pleased he was alive."
The area of Ms Gibson's property where Nobby was found is bounded by a fenceline and railway tracks.
The property slopes downhill and is covered in very high grass, which made it difficult to see the man.
Mr Bartlett had been missing since Monday after leaving Maitland Hospital where he was recovering from a stroke.
He is unable to speak or communicate and has spent the past six weeks in hospital after suffering a stroke.
Earlier this week police, Mr Bartlett's family and hospital personnel launched a city-wide search for the man.
Thursday's search included officers from the Central Hunter Local Area Command, Newcastle Police Rescue, Hunter Region SES and the Dog Unit.
Dog Unit officer, Senior Constable Wynn, and his dog Ulrich were the ones to find Mr Bartlett lying in the long grass.
"We are very much pleased to have located him," Central Hunter crime manager, Detective Inspector John Zdrilic, said.
"We would have liked to find him sooner. But as hope was fading, there was still hope and it is very fortunate for Nobby and his family that we found him."
Detective Inspector Zdrilic said police dog Ulrich has since been deployed back to Newcastle after a successful day. Maitland's police dog Marco was used in a search yesterday, but was injured in the line of duty by a horse and could not participate in today's search.