Drakon says: "[..] you have to create or find all your weapons by yourself. There is modified inventory system so you can carry only limited number of items. From items you find you can create new items via crafting (for example: sticks + feather -> arrows). Very important aspect will be material finding. Some materials are only dropped by certain enemies so it is up to the player if he wants to fight them and create something more advanced. Nearly all weapons have durability so they breaks after some time. [..]"
For me this sounds like a nice mixture of Minecraft and Doom which might turn into something very interesting. The project aims are ambitious but a lot of work has already done so chances are high that this gets actually released. More information can be found in the official development thread.