Currently in development for the Sega Master System is Frontier Force – a fixed screen shooter by developer, BadComputer.

Your character has access to 6 weapons. The primary weapon has 4 options, plasma, flame, missiles, and chain gun. The plasma has unlimited ammo, the rest can be replenished with ammo pickups.​
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The two other weapons are the laser and the bomb. The laser has limited ammo but can be charged by damaging enemies with the other weapons. The bomb is a one-shot explosion and also has limited ammo.​
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  • Flame: high damage against ALL enemies but limited to close range.
  • Missiles: high damage against MEDIUM-sized enemies.
  • Chain: high damage against SMALL-sized enemies.
  • Laser: high damage against MINI-BOSS and BOSS enemies.
  • Plasma and bomb deal normal damage against all enemies.
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The game is available as a prototype on itch.io here, and you can see discussion about the developments at the SMS Power forums