Man I was thinking this was going to be Outlast 3 or even a new Alan Wake game. This was something that pretty much came out of nowhere but yes it is confirmed that there is going to be a new first person survival horror game coming out soon and it's based on the Blair Witch found footage movies.
No other details have been released including whether or not this game is canon to the films or if it's completely original. That said, I am intrigued as I love these types of games.