If it is similar to this one:
Then the issue seems to be the game burning through VRAM and then chewing up system ram for environment rendering. I had this issue prior to upgrading my graphics card, it would seem just about any card at GTX 1080 level or below may experience this issue(I am on a GTX 1080 TI, but I have also setup a 128 GB system page file as well and haven't experienced the crash yet) . I managed to evoke the error within 10 minutes of starting the game by rapidly exploring The Island. I get the feeling, however, that while we are posting legitimate bugs(I have posted one regarding launching the game in single player with Ansel support disabling tool-tips and thus disabling item management hotkeys as well as having HDR active on a display causing massive slowdowns at 4K resolutions), there is a non-existent response to these issues. Just speaking to the memory leak issues, there are at least 5 different topics regarding memory leak issues started, or posted to within the last 30 days and no response to them. That really needs to change. Studio Wildcard has a very unsettling habit of not communicating with the player base when issues arise. I cannot speak for anyone else, but I have only seen a handful of responses from someone in some position of authority in the bug forums since I started playing this game in 2015.