It is unknown when the Tip Top Mine was originally opened. The orebody is a continuation of that of the Lake Mine. Thus, the ore is of the same composition as that at the Lake Mine. It is displaced by a fault which runs along the northern end of the Tip Top deposit. The ore was mined from the surface at the southwest end from an outcrop. Toward the northeast, the ore was followed underground where room and pillar mining was undertaken.

A short adit was driven to meet the northeast end of the stope. From the adit, the ore was transported by gravity railroad to the bottom of the hill. The mine was abandoned sometime between 1880 and 1889.

The ore deposit was said to be small and thus it is probably almost entirely mined out.