Two Townsville boys missing since Saturday afternoon have been found wandering on Mt Stuart.

Nicholas Baxter, 6, and Timmy Jack Carter, 5, disappeared while playing not far from their Wulguru home on Saturday afternoon.

After a major search operation, including two helicopters, the Defence Force and scores of volunteers, police confirmed at 4pm that Timmy was found.

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Nicholas was found at 2pm.

“The little boy (Nicholas) was found wondering in dense bushland at Mt Stuart,” police said in a statement.

“While a detailed medical examination needs to be conducted it would appear Nicholas is reasonably unharmed from his ordeal, although this is yet to be confirmed.

“Nicholas remains with search crews while efforts are underway to retrieve him from Mt Stuart.”

They had been missing for just short of 24 hours, after being last seen in the street nearby their homes in Wulguru on Saturday afternoon.

“They are both talking, a little bit dehydrated and have a couple of scratches, which you would expect after a night out in the country, but apart from that they both seem in good spirits,” Acting Inspector Chris Lawson told the Townsville Bulletin.

“As part of the ongoing processes, our detectives will speak with them and try to find out exactly what happened.”

Insp Lawson said the boys had walked about 3km into the bush bordering their suburb, and soldiers found them not far from a fence denoting defence land.

Their families greeted news of their discovery with “a lot of relief”.

“They’ll get to spend the night home tonight in bed,” Insp Lawson said.

The boys, who are friends and neighbours, were out playing and did not return home on Saturday when they were supposed to.

A tricycle and scooter belonging to the boys were found on a dirt track leading into bushland, about 400m from where they disappeared.

Wulguru is close to Mount Stuart, a densely forested area.

The boys were not wearing shoes, and Timmy did not have a shirt on.

Police early on Sunday said they remained hopeful the boys had just wandered off and had not met with foul play.

A helicopter was used during the search for the boys in bushland. Photo: ABC