Here is a diagram of the situation. This makes it pretty clear that if you can visualize the lens-shaped overlap of the two balls (projected onto a flat surface), the contact point will be at the center of the lens and the edge of the cue ball (if you believe in edges on balls) will be as far to one side of the contact point as the edge of the object ball appears on the other side.
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This looks more a like a 60° cut, a little thinner, but not 70°. The overlap is too thick. A 70° cut requires a 1/16th overlap.