The rock formations created by the rift included gabbro and granite intrusive rocks and basalt lavas. In the Lake Superior region, the upwelling of this molten rock may have been the result of a hotspot which produced a triple junction. The hotspot domed the rocks of the Lake Superior area. Voluminous basaltic lava flows erupted from the central axis of the rift, similar to the present-day rifting under way in the Afar Depression of the East African Rift system. The southwest and southeast extensions represent two arms of the triple junction while a third failed arm extends north into Ontario as the Nipigon Embayment. This failed arm includes Lake Nipigon, Ontario. The rift system may have been the result of extensional forces behind the continental collision of the Grenville Orogeny to the east which in part overlaps the timing of the rift development. Later compressive forces from the Grenville Orogeny likely played a major role in the rift's failure and closure. Had the rifting process continued, the eventual result would have been sundering of the North American craton and creation of a sea. The Midcontinent Rift appears to have progressed almost to the point where the ocean intruded. But after about 15–22 million years the rift failed. The Midcontinent Rift is the deepest closed or healed rift yet discovered; no known deeper rift ever failed to become an ocean.
The ProterozoicNonesuch Shale formation in the Keweenawan Rift contains enough organic carbon to be considered a potential source rock for petroleum. Oil identified as Precambrian has been found seeping out of the Nonesuch Shale in the White Pine mine in Michigan. A few deep wells were drilled to explore for oil and gas in rift rocks as far southwest as Kansas. No oil and gas were found, but the explorations did make some deep rock samples available. These include two "dry holes" drilled by Amoco: a well in Alger County, Michigan in 1987 and 1988, and one in Bayfield County, Wisconsin to a depth of in 1992. In 1987 Amoco also drilled a dry hole that penetrated rift sediments in Iowa. The Michigan Copper Country in the Upper Peninsula and Isle Royale contains major native copper deposits in Keweenawan-age rocks associated with the rift. A copper mining industry was developed in Precolumbian times, reactivated in the 1840s and continued for more than a century. Some low-grade copper and nickel deposits, among the largest in the world, also exist in the Duluth Complex north of the lake. Once thought to be uneconomic to mine, these deposits have attracted renewed interest from resource companies.