Having carefully followed how this project has evolved since it's inception, it seems unlikely to me that it's been axed completely.
I highly doubt they've ditched it for an alternative OS (as some rumours suggest), but if they have, I dearly hope it's Sailfish.*
I reckon the project will continue but there'll be changes in: how it's organised, maybe in some of the core tech used, & in it's priority level.
Slightly less likely than all of that... is that it has been axed completely....

*I'd be disappointed if it was Ubuntu, & I doubt it would be given the control Canonical/Mark will want to have over certain elements.
But if it can't be Sailfish, then I guess Ubuntu is an okay alternative....