High Voltage Software confirmed they were doing 3DS work during an interview SEGAbits conducted on behalf of Conduit Portal during PAX. Apparently it’s a Conduit project!
This is what High Voltage chief creative officer Eric Nofsinger had to say to EuroGamer:
“We are very much pulling over this engine and this technology on this new hardware. We’re still early. The resolution is definitely lower, but the screen real estate is smaller so it balances out. We’ve not had a lot of severe optimisation yet, but we’re going to be able to have something very close to this [Conduit 2] on the 3DS probably by GDC. We’ve got environments from this already up and running around. You can shoot, you can select different weapons and you can see enemies. It runs pretty darn well with full 3D and everything. I would guess that SEGA will be interested. I had a nice conversation just yesterday with their head of artist and repertoire. At DICE, the conference in Vegas that’s coming up, we’ll probably have some more chats. We’re very excited about that system and what we’re going to be be able to do on it. The work we’ve done with the Wii, we’re going to have a serious leg up. It’s quite different than developing for the DS and the DSi. Developers like us that have more of a console experience on GameCube and on Wii are going to be able to take advantage of the 3D better and they’re going to be able to do a little bit more with the hardware than people who are coming at it from the straight DS angle and used to doing more 2D, or very limited 3D, kinds of things. There’s nothing like it at all (on 3DS). We can be a shining star on this.” – High Voltage’s Eric Nofsinger
It is currently unknown whether this is a port or an all new game. Here’s hoping HVS is able to take the lessons learned from Conduit and it’s upcoming sequel and apply it to this.