505 Games and MercurySteam are making a new ARPG for PC and consoles, both companies announced this morning in a new press release.

While 505 Games and MercurySteam are making a new ARPG, the game is codenamed “Project Iron” and is described as a third-person action RPG, set in a dark fantasy world. The game is set for release on both Windows PC and unconfirmed consoles worldwide.

Both 505 Games and MercurySteam will be co-developing and co-publishing the new ARPG, and the intellectual property rights will also be co-owned by both 505 Games parent company Digital Bros. and developer MercurySteam.

“We are thrilled to work with the team at MercurySteam, a proven studio that over the years has created numerous phenomenal IPs – including the recent hit release Metroid Dread in partnership with Nintendo,” said Raffi and Rami Galante, co-CEOs of Digital Bros Group. “With MercurySteam’s creative vision and talent and 505 Games extensive experience, gamers can expect a high-quality, captivating and engaging videogame.”

MercurySteam is known for their most recent hit with the licensed Nintendo game Metroid Dread, so this sounds like their next in-development title. Previously, MercurySteam worked on the other licensed Konami games Castlevania: Lords of Shadow and both its sequel and spinoff.

Further information wasn’t confirmed – we’ll keep you guys posted.

Editor’s Note: Featured artwork is from Castlevania: Lords of Shadow 2