Sounds like a classic single lung hit. I'm assuming you shot him from a relatively steep angle with a high entrance and a low exit which means the wound channel would pretty much cover the entire lung. I don't think this deer will live. Yes, they can live with one lung but that usually happens when you just clip a lung. He can also go a loooong way. As others have stated get a search party together and do a grid search. Check any near by water sources. Do you have access to a trained tracking dog? Is so that is the best solution. If not, grid search. Good luck!!!
Dan