This looks like an interesting little cartridge, the 224 Valkyrie from Federal. It looks like they avoided or fixed the mistakes Nosler made with their cartridge (like avoiding the rebated rim). This thread is a little hard to follow at times but the round is based off of a shortened and necked down 6.8SPC. Ballistics look really good:

http://forum.accurateshooter.com/threads/224-valkyrie.3931816/