You've seen it before, back in August, but this production video says that the project's name is Osiris, adding to suspicions the game—whatever it is—is set in Egypt.
While most of the clip involves background footage showing actors used for motion-capture data, there are snippets of art and other scenes shown, especially towards the end.
The video was posted by Mark Kilian, and it was uploaded five months ago. It says it was commissioned by Ubisoft Montreal, the same mega-studio behind the Assassin's Creed series (and Far Cry 3).
You can watch it here.
UPDATE - Seems the project is "no longer moving forward". Bummer.