Billy Bob Thornton is digging into a new period project.

The multihyphenate is on board to develop "Floyd Collins" as a feature film for Paramount Pictures and will helm and star in the drama. Thornton's manager, Geyer Kosinski, is producing through his Media Talent Group.

Set in 1925, the drama centers on the true-life story of cave explorer Floyd Collins' entrapment in a Kentucky cavern and the ensuing 13-day news frenzy.

The story marked one of the first large-scale media spectacles, provoking hourly radio bulletins and garnering nationwide newspaper headlines. The project is described as being particularly relevant today because it echoes modern-day mining accidents and 24-hour news cycles.

Thornton's longtime writing partner Tom Epperson adapted the screenplay from the book "Trapped!: The Story of Floyd Collins" by Robert Murray and Roger Brucker.

Kosinski and Thornton optioned the book and brought the material to Paramount. Bruce Heller and David Bushell also are producing.

Paramount's Brad Weston and Alli Shearmur are overseeing for the studio.

Thornton, whose helming credits include "All the Pretty Horses" and "Sling Blade," won an Academy Award for best adapted screenplay for the latter.

He is repped by CAA, Kosinski and attorney Robert Myman.