Happy hammering...
The holes are ready for the twisted paper to be threaded through, tied off, and hammered down flat.
(oh, that is a bread board - don't underestimate how effective these awls are! I know I won't...again!)
24 sheets of cartridge paper separated by 23 sheets of infuriating tissue paper, stacked and clamped with bulldog clips, and marked in anticipation of my banging out some of my tissue paper frustrations on it >:) !
Also my awl, a hammer (thanks Felicity), and a strip of the leftover tissue paper which will be twisted into a strong thin string and used to stabilise the book in advance of the cover being put on and my getting the hammer out again!