For those unfamiliar with the series, the original Spelunker was released in 1983. The 2D platformer later came to PlayStation 3 as the reimagined Spelunker HD, and went on to inspire games such as Spelunky.
Spelunker Z is being developed by Tozai Games, which also worked on the last entry in the series.
The Project Code Z teaser site now leads to the official site for Spelunker Z. Jordan Sirani is a freelance news writer for IGN. You can follow him on Twitter @jdsirani.