The wreck was located 11 nautical miles south of Stromboli, which is part of the Aeolian group of islands.
The Italian cruiser, built in 1931, was armed with 14 cannons and was able to launch, by catapult, reconnaissance aircraft.
The month before it sank it took part in a naval battle off Sirte in Libya, where it engaged the British cruiser HMS Cleopatra.
Just three weeks after attacking the Italian cruiser, HMS Urge was sunk with the loss of her entire crew on April 29, 1942.
The exact cause of the sinking remains disputed, but it is likely that the submarine struck a mine off Malta.