[Blue Jays]

"...Would it be possible to catch the projectile just before it struck?..."

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Perhaps a really talented MLB baseball player with truly superb eye-hand coordination could catch the projectile.
Even then, he would need a really thick mitt and special protective garments to avoid serious bodily injury.

[Rockpile]

Ha ha

Really though, it would be kind of neatly cool to see the mortar shell just about to hit.