The Hoit Mine was opened in approximately 1870 by a 30° slope that followed the dip of the vein southeast. As the slope continued in depth, the angle of the dip gradually became steeper. From the slope, a drift was driven southwest along the strike for a distance of 70 feet. An adit was also driven northeast of the slope entrance for 144 feet.

It is believed the mine ceased operations around 1875. In 1945, the mine was dewatered by the government to determine the viability of reopening it. A diamond drill program was conducted and six new test pits were dug. The interior workings were surveyed but the mine was never to reopen. No record is known regarding the total production. The magnetite ore was compact and contained a reddish garnet which was considered rare amongst magnetite ores in New Jersey.