If imitation is indeed the sincerest form of flattery, then writer-director Anne Hamilton’s “American Fable” registers as an eloquently constructed valentine to Guillermo del Toro, whose “Pan’s Labyrinth” provides her film with its haunting backbone. Gorgeously shot, and helmed with a sense of daring and verve that belies Hamilton’s greenness to feature filmmaking, this is a debut of obvious promise, although its story never quite rises to the level of its craft. Premiering in the experimental Visions program at SXSW, this tale of farmland intrigue as seen through the eyes of a dreamy 11-year-old has just as much arthouse potential as many of the supposedly more commercial entries in the narrative competition, though it may ultimately function best as a passport to bigger things for its gifted young director.

Hamilton’s introduction to filmmaking came via an internship with Terrence Malick on the set of “The Tree of Life,” and the director’s tendrils are visible from the very first shot, a dramatically swooning overhead view of a young girl chasing a chicken through monstrous expanses of corn stalks. The girl is Gitty (Peyton Kennedy, excellent), an imaginative, friendless grade schooler growing up in the farmlands of Wisconsin. The year is 1982, and overheard Ronald Reagan speeches place us right in at the beginning of the farm crisis, its gravity underscored by passing mentions of the rash of suicides in town.

Gitty adores her father, the salty Abe (Kip Pardue), who does everything he can to distract her from the fact that they’re in dire danger of losing their farm. Her factory-worker mother (Marci Miller) is pregnant with a third child, and Gitty’s older brother, Martin (Gavin MacIntosh), is a study in unhinged, unmodulated malevolence.

Wandering the farmlands on her bike, she makes a startling discovery: Locked inside her family’s unused silo is a dirty yet expensively dressed man calling himself Jonathan (Richard Schiff) who claims to have gone days without food. Though he’s short on details, Jonathan is a developer who’s been buying up farms in the area, and it doesn’t take long for Gilly to intuit that her own family has played some part in this kidnapping. As she begins bringing him food and books, the two develop a bond, with Gitty rappelling down through a small hole in the silo roof for chess lessons and reading sessions.

Meanwhile, Gitty’s father conducts some mysterious business with a Mephistophelean woman named Vera (Zuleikha Robinson), and Gitty begins to experience visions of a black-clad, horned woman striding through the countryside on horseback. These hesitant forays into the mythological realm — reaching a feverish peak with a flashy dream sequence — feel oddly underdeveloped, alternating between inscrutable and needlessly obvious, with a long montage accompanying a recitation of Yeats’ “The Second Coming” a prime example of the latter.

One of the strongest cues Hamilton takes from “Pan’s Labyrinth,” however, is the decision to allow Gitty’s own loyalties and misunderstandings to dictate the film’s p.o.v., and Kennedy ably carries the film on her back, radiating self-confidence while retaining an essential naivete and vulnerability; her many scenes of peering through doorways at conversations she doesn’t quite understand are beautifully played. Yet even accounting for this, the intrigue at the film’s center never makes total sense, and Gitty’s ultimate ethical dilemma — whether to leave Jonathan to his fate or put her own family at risk — never arrives with the right urgency. The shoehorned introduction of a few too many extraneous elements, especially a Marge Gunderson-esque retired police officer (Rusty Schwimmer), doesn’t help.

Working with d.p. Wyatt Garfield, Hamilton shoots the rural landscape with a transformative eye. These farmlands aren’t dusty expanses but rather humid, almost primordial jungles; individual frames from nighttime scenes in the family barn could easily be oil paintings of the Nativity. More than just cataloguing pretty shots, Hamilton builds an arresting aura of wonder and terror, of which Gingger Shankar’s haunting, teasing score is very much a piece.