I see that a lot when I shoot on backers that have a fairly large hole shot out of them and my normal hits zones are over them. Its because of the type of paper and the lack of a backing/support behind it.
From the looks of the holes, theres no keyholing going on. The wholes are all round, except at that one small point where the paper is tearing out. Keyholes look more like a sideways or elongated hit of the bullet. You dont see that there.
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