This is not a drill.
Shigesato Itoi appeared before the Nintendo World Championships to announce that Mother 1 would come to the Virtual Console as Earthbound Beginnings at 9pm ET / 6pm PT.
Released twenty years after Earthbound on SNES, the game was originally released in 1989 in Japan and was translated for release in North America but was never released before outside of Japan.
You can see the trailer below:
UPDATE
The game is now live, and priced at $6.99.