Gorno Project

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Mine TypeUnderground
StagePreliminary Economic Assessment
  • Zinc
  • Lead
  • Silver
  • Lead-Silver
Mining Method
  • Drift & Fill
  • Longitudinal retreat
  • Transverse stoping
Backfill type ... Lock
Mine Life... Lock
ShapshotGorno project, in the Lombardy region of northern Italy, is at an advanced stage, and presents the opportunity to deliver high-grade, clean zinc and lead concentrates to smelters and offtake customers in Europe.

The timing of the development and production phases for the Gorno mine will be determined during the course of the DFS.

The Project is a “brownfields” project but will require new infrastructure to support the operation.


Appian Capital Advisory LLP 9.96 % Indirect
Altamin Ltd. 90.04 % Indirect
The Gorno Project has been transferred to Vedra Metals SRL (Vedra), a special purpose joint-venture company owned by Altamin (via its wholly owned subsidiary, Energia Minerals (Italia) SRL (EMI)) and Appian Italy B.V (Appian), following completion under the binding subscription and joint venture agreement.

Appian has paid ~A$3.8 million1 (US$2.6 million) to earn an initial interest of approximately 9.96% in Vedra, with all conditions precedent to the remaining first tranche funding having been satisfied or waived.

Vedra to draw a further ~A$10.9 million1 (US$7.4 million) of first tranche funding under the Joint Venture Agreement, following which Appian’s interest in Vedra will increase up to approximately 29.9%



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Deposit type

  • Mississippi Valley Type
  • Stratabound
  • Breccia pipe / Stockwork


The Gorno mineral district is an Alpine Type lead-zinc deposit similar to Mississippi Valley Type (MVT) lead-zinc deposits. The mineralisation is broadly stratabound with some breccia bodies and veining also observed. Higher grade and thicker mineralisation are often associated with late-stage brittle faulting which is generally orientated north-south or east-west. The mineralogy is simple consisting of low iron sphalerite, argentiferous galena and minor pyrite. Mineralisation is hosted by the Metallifero Formation which consists predominantly of limestones with interbedded shales in the higher parts of the sequence. The Gorno deposit lies in the “Lombard Basin” of the Italian Southern Alps where during the Permian-Triassic periods a thick sedimentary pile was formed as a result of strong subsidence.



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Mining Methods


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Crushers and Mills


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CommodityProductUnitsAvg. AnnualLOM
Zinc Payable metal M lbs 743
Zinc Concentrate kt 85630
Lead Payable metal t 77,748
Silver Payable metal koz 3,180
Lead-Silver Concentrate kt 14108

Operational metrics

Annual ore mining rate  ....  Subscribe
Annual processing rate  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
* According to 2021 study.

Production Costs

All-in sustaining costs (AISC) Zinc Equivalent USD  ....  Subscribe
C1 cash costs Zinc Equivalent USD  ....  Subscribe
Assumed price Lead USD  ....  Subscribe
Assumed price Zinc USD  ....  Subscribe
Assumed price Silver USD  ....  Subscribe
* According to 2021 study / presentation.

Operating Costs

UG mining costs ($/t milled) USD 41 *  
Processing costs ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2021 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
UG OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 97.9
Total OpEx $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Heavy Mobile Equipment

Fleet data has not been reported.


Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jan 16, 2023


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