Its first meeting was held in Moor House School's chapel recently, and the packed audience expressed considerable concern over phone company Orange's plans for the site.
In attendance was headmaster of Moor House, Barry Huggett, who said the school would offer all the help they could to the campaign.
He said: "Though there has not yet been a planning application for the mast, we are trying to ensure it doesn't happen. All of us have phones, but this seems an inappropriate place to put a mast, near three schools."
The action group is also mounting a letter writing campaign, involving MP Virginia Bottomley, and Surrey county councillor David Munro.
Their campaign letter states their concerns centre around the mast's potential health threats, and believe it would be an eyesore.
They say this would be the case due to recent tree felling at the site, leaving inusfficient tree cover to hide the mast.
In addition, they believe the mast contravenes Waverley's own planning guidelines, as it would be situated on land which immediately faces land of 'landscape value' and would produce a materially adverse impact on the character of the area.
The group say that given the uncertain long-term health risks from exposure to low-level radiation, considerable anxiety has been caused to parents of children attending schools in the area.
As a possible solution to this problem, the group suggests that Orange share the existing sites at Crooksbury and Wrecclesham or look for other, less sensitive locations.
A spokesperson from Orange said: "There are very few available sites in the area. It is very difficult to find alternatives.
"There is a fine balance between expanding the network and finding sites suitable in terms of visual impact."
A decision on whether a formal mast application will be made for the site is expected within the next few weeks.