Valley looks a wee bit different from Blue Isle Studios' previous game, the influential Slender: The Arrival. For one thing, it doesn't seem to feature any slendermen—in fact, shock-based horror seems to be off the table entirely. Instead, it's first person action-adventure-type-thing about a guy in a supersuit that lets him run, jump and grapple his way around a mysterious valley. You can see all of those things in the reveal trailer, below.
Here's a bit more, from the Steam page:
"Valley is a First-Person adventure unlike any other. Hidden deep within a remote region of the Rocky Mountains, you find yourself bewildered within a secluded valley. With the power of a recently discovered L.E.A.F. suit (Leap Effortlessly though Air Functionality), run and jump your way through beautiful forests, dangerous ruins and vast environments; all the while utilizing the power to control life and death to uncover the startling secrets of the mysterious valley."
Surprisingly, the power to control life and death comes with a downside. If you die in the game,
you die for real the valley will die around you. It's unclear what that means, exactly—whether it will be a temporary effect, or whether the world will permanently lose lustre if you're rubbish at the game—but I suppose we'll find out closer to this Summer, which is when Valley is scheduled to come out.