I've seen this once, long long time ago. It's not an iconic movie and it ain't great. In fact some things are quite shitty, stupid, silly. What I noticed is how it plays on various fears. At least once each, but only once most.
Firstly there is the height. Lot of this is mountain climbing and stuff, hanging on cliffs as Bernd can guess. This features quite a lot.
But at one point it gets claustrophobic as they crawl in a cave. Then they are attacked by a swarm of bats (EEEEEEEEEE). And towards the end, Stallone gets under water, below ice! Heh.