I've been holding off on writing about hunts because I didn't even understand how they work for ages. Unfortunately the system is unusually poorly explained in-game. Fortunately Neverwinter Unblogged's guide came to the rescue.
The basic idea of a hunt is that you spawn a mini-boss with a lure and this boss then has a chance of dropping some nice loot.
However, to trade for a lure you need both a trophy and a T-Rex fang. Trophies have a chance of dropping from rare mobs, which in turn have a chance of spawning in various spots on the map where the regular version of that mob usually spawns. So you could find a sabertooth in a tiger spawn point for example. A T-Rex is the rare version of a regular Tyrannosaur, of which there are only ever a couple on the map. Both the regular version and the rare T-Rex are incredibly tedious to kill if you don't have high dps.
So the result is that if you want to participate in hunting, you need to run around the map killing mobs for a chance of getting a rare spawn, kill that for a chance of getting a trophy, and use that for the chance of getting a drop from the summoned mini-boss.
Unfortunately the jungle is an aggravating place to be and the whole system is just one layer of randomness after another. As a more casual player I can only give it a thumbs-down.