Hope it's OUR BioWare though, not just 'company z' that's been called BioWare for some reason.
I guess it depends on what you call "our BioWare," but the only studios with the BioWare name now are ones that BioWare started. Austin was formed in 2006 to make SWTOR and was constituted of former Edmonton guys and new hires, and Montreal was formed in 2009 with a similar blueprint.
The three non-BioWare studios that had the BioWare name are all closed (EA2D/San Francisco, Victory Games and Mythic).
Waystone Games (Dawngate moba) is technically under the BioWare label but doesn't have the name and it seems like it's just a corporate structure thing.
Given we know it's not either of the Canada studios or Waystone, that leaves BioWare Austin or perhaps Failbetter Games, as mentioned above.
Knowing the type of games Failbetter makes, I'm guessing this isn't what they are working on. Probably some sort of companion game or a small game using a BioWare IP.
So this is probably BioWare Austin's next project. In January they were looking for testers with experience playing MMORPGs (SWTOR and DCUO used as examples) and action games (DMC, Infamous, Bayonetta, GTAV, Tomb Raider, LEGO Marvel... so really anything ... used as examples).