http://iwataasks.nintendo.com/interview ... tarfox/0/0

here are the full quotes about it:
Iwata: I don't feel like it is a remake of an old game. As can be said of The Legend of Zelda: Ocarina of Time 3D20, it isn't a mere remake.
Miyamoto: We didn't use emulation.
Amano: And it isn't a port.
Miyamoto: It has been born anew.
Iwata: Yes, you remade everything.
Miyamoto:It is a handcrafted copy using today's technology.

looks like i got another reason to get irt, besides the whole i never owned it thing

Technically correct, it is all rebuilt from the ground up. Copy would be closer than port or emulation.

Port.

A port uses the same assets, this does not. It is a (overly) faithful remake.
Like the new Psycho. Shot for shot the same, but not a port.