Could be a lot of different things, has it been getting progressively worse? My old 71 w/225 had a habit of eating timimg chain tensioners, when it had chewed through the composite block on the tensioner it would tick on the metal backing. Check to see how much slop you have in you timing chain. Could be something else, but that's pretty easy thing to check. You don't want to throw a chain, it could get ugly.
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