just before I had myy Euro M5 engine overhauled it too made this sound. It turned out that the timing chain had cut through the guide which in turn had shapped. If you can then take the cam cover off and look down the timing chain tensioned side with a powerful torch and see if you can see anything amiss. ALso check the timing chain tensioner. If it is the problem I had then you should get the timing chain guide replaced a.s.a.p. otherwise the chain can skip and optionally break. Whatever happens, the valves don't look so good after... Sorry but it isn't cheap either.
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