Unfortunately the medal does not appear to hold any particular historical relevance.

As the front illustrates, it is an award (possibily a participation award) for the 60^th anniversary of a large winery in the vicinity of the small town of Casarsa della Delizia, a few miles from the Tagliamento River, famous for housing the tomb of Pier Paolo Pasolini. The winery, also named La Delizia was founded in 1931 - hence the Writing "1931-1991 60° anniversario" and on the back "Ricordando il 60° della La Delizia" - remembering the 60^th of the La Delizia.

Viticoltori Friulani - La Delizia has been the official denomination of the group since 1931 according to their official site.

On the right side of the back the inscription reads Ass. Corale Casarsese - that's a choir based in Casarsa, founded in 1977 by a don Battista del Frari, and still one of the main choral groups active in the region. Their repertoir is quite extensive, including folk music and songs of the Alpini (the Alpine troops), which explains their recurrent participation to various local initiatives.

The local Pro-loco was founded in 1981, so they don't really have much information on previous initiatives - it appears nonetheless that this one was, as I mentioned before, a local event tied to the anniversary of the winery.

If you check the calendars of local runs, you'll see that there is plenty of those and that they are usually sponsored by smaller or larger businesses - given how wine production is a substantial part of the local economy, it's not really surprising to find the two things paired. And the fact that this wasn't a major event seem to be confirmed by the fact that the medal carries no affiliation, denomination or certificate (unless you have one).

As for the Italpeltro which made the piece, they appear to have been a small local business as well, and have since then retired and closed shop for good.

That's all I could find - unless you have some info on the person who left you the piece, which may suggest other direction of inquiry. Sorry I can't give you more.