My friends and I like to shoot at long distances, but we are able to shoot at targets placed upon hillsides or berms where the bullet impact can be seen with high-power binoculars or a spotting scope. We use clay pigeons for targets.
If I had to shoot at a paper target in a place where bullet impact could not be seen, and the only indication of bullet impact was a hole in the paper, I'd make my target BIG, really big, as wind can push your bullet quite far when you shoot at long range. For example, a 10 mph crosswind will shift my .257 bullet more than seven feet at 1000 yards.
If you and a spotter cannot see your bullet impact in the dirt around your target, a paper target would be the logical choice, but a poor choice. You will need a large target. New steel is expensive, but you can often times find just the perfect small piece of scrap metal at your local metal recycle yard. A ten or twelve inch gong would be your best bet.