help needed

I need some expert help in relation to approximate value of recent discovery by EYE. Company quoted following in their announcement:

Resource defined so far is 2.53Mt@ 0.07%Nickel and 0.05% Cobat, which equates to over 17000t of contained Nickel and 1520t of Cobalt, calculated using a surpac block model at 0.05% Ni cut-off grade.

Using a 0.07% Nickel cut-off, the resource is 1.07Mt @0.85% Ni and 0.06% Cobalt.

Can anyone tell me what this means and how much this would be worth.

Thanks very much

Hematite