Australia-based mining and exploring company Alta Zinc reported a net loss of $3.76mn in FY2020. The company in its annual report also posted updates on its on going Gorno Zinc Project in Italy which promises to return high zinc grade concentrates.
Alta Zinc’s primarily focus is its brownfields Gorno Zinc Project, located in the Lombardy region in Italy. During the year in review, Alta’s key focus was on exploration with the key objective to discover additional high value zinc and lead mineralisation which would eventually feed an up-scaled mine plan for Gorno. Alta has conducted comprehensive ongoing environmental monitoring to ensure that there are no harmful environmental consequences to their work program. The results returned safe and no medical cases were reported.
The Lombardy region hosts high reserves of lead and zinc, said the company. Investigation of historical records has established that the Gorno Zinc Project area contains more than 230km of underground workings and has recorded historical production of over 800,000mt of zinc metal contained in very high quality zinc concentrates including 55-57pc Zn for sulphide concentrates.
The company posted a net loss of $3.76mn in FY2020, widening from $3.26mn reported in the prior year. The company’s annual year runs from July to June.