In the Orco Valley, inside the Gran Paradiso Massif, 3 main fault systems are present: (a) E–W striking faults dipping at 45–60° to the N, (b) high-angle NW–SE striking faults, and (c) high-angle NE–SW to NNE–SSW striking faults. The E–W striking faults and the interposed NW–SE-faults appear to represent a cogenetic structural association related to a larger scale transtensional shear zone, while the NE–SW faults are probably inherited by an older discontinuous deformation stage. Breccia bodies or veins, mostly consisting of carbonate (siderite–ankerite±calcite)+quartz with sulphide–Au mineralisation, recording a multistage mesothermal evolution, occur along both E–W and NW–SE fault systems. Three water types are recognised: type I, Ca2+–HCO3− waters, with minor SO42−; type II, (Ca2+/Na+)–HCO3− waters varying towards Na+–(HCO3−/Cl−) waters; and type III, Mg2+–HCO3− waters. Type I and type III groundwaters are freshly recharged waters, only slightly exchanged with rocks. Type II includes waters which come into contact with carbonate fracture fillings, and geochemical modelling indicates that dissolution of carbonates along fractures is the main process controlling the groundwater chemistry. These waters evolve in a system open to uprising CO2, and their strongly negative δ13CCO2 suggests a substantial organic component in the CO2 discharge. In the past, CO2-bearing fluids were likely responsible for the formation of Fe-bearing carbonate fracture fillings. The persistence through time of the CO2 flux in the region has important implications for the reconstruction of the Alpine tectonic evolution and deep structure.