Warwick Willmott in his guide Rocks and Landscapes of National Parks of North Queensland describes Mt Hypipamee:

Hidden in rainforest just off the highway between Atherton and Ravenshoe, Hypipamee Crater provides an atmospheric, almost eerie experience. A steep-sided, narrow hole looms suddenly out of the forest, containing still, green water far below. About 58 m down to the water surface, it is known to plunge another 82 m below the water. It superficially resembles a sinkhole in limestone terrain, but it is in solid granite. It is a volcanic pipe or diatreme, a crater blasted through the granite when rising basalt magma encountered groundwater and caused a violent explosion of steam (similar to the process that formed the maars of the crater lakes described above). There is little evidence of the basalt itself, but some fragments of it have been found nearby in the past. The crater is just north of the edge of the basalt lavas, which outcrop above the granite on the other side of the highway.

A short walking track leads to a lookout on the lip of the crater, and extends as a circuit past Dinner Falls which tumble over hard bars of the granite on the headwaters of the Barron River. This granite belongs to the O'Briens Creek Supersuite and is mid to late Carboniferous in age (315 to 310 million years old).