This is from a demo that I made for Funcom in 1994. We presented it to Nintendo as a game concept, but never got any contract for it, so it got shelved. I have no idea how the binary got leaked.
The actual demo we sent to Nintendo used a different underwater landscape with some sharks swimming around. The one that got leaked was an earlier version. This voxel demo has no connection whatsoever to the SNES version of Comanche.
The rotation in the demo actually did use mode 7, but the voxels were rendered with the FX chip (well, actually FX2).
I also worked on the FX chip code for "Winter Gold", which did get released. The FX chip code in Winter Gold was basically an implementation of the same tech used in the "State of the Art" Amiga demo (which I did not write).