I doubt it is the timing chain. More than likely it is the valves themselves, the seats wear out, and the lifters wear, so eventually the lifters don't pump up as full as they should, so it causes a gap between it and the valve, so it slaps the valve, also the seats wear, so the valve is kinda loose, so that causes a gap between it and the rocker shaft, so you get another slap. If the chain wore out enough to be hitting the block or front cover, you would be having timing issues because it would have to be pretty loose. You may also have a failing oil pump, so it is not suppling the right pressure, which is why you hear it at idle, because under load the pressure goes up and as I said it pumps up the lifter. This guy is a joke if he told you just to drive it till it blows, which would cause significant damage, Then you have to buy a what? use motor for $600 that is no better off than what you got? Then pay someone like this idiot $500 to install it? Right now you could probably rebuild the engine for about $600, and have a brand new fresh motor for your truck. The chain is not too difficult, you can do it in the car, but would be much easier out of it. The head doesn't have to be removed to do it, but you do have to take off the timing cover, which can be a pain, and possibly the water pump, all the engine pulleys, alternator, etc. So thats why I suggested pulling the motor. And, when it is pulled, it would be a great time to freshin it up with new pistons, rings, bearings, have the block done and rebuild the head.
Do Not Drive It until it dies. My 88 did had the same thing. It was a rattling that was coming from the front of the engine. They need to pull of the front timing chain cover and fix it. It's not the end of the world to do it. The problem is that you also have balance shafts and silent chains that run in that same area. The have guides in there that wear out over time and can break and thus will rattle around. They can knock off your timing chain or your silent/balance shaft chains. If those chains get knocked off or if they get locked up by broken parts...bye..bye engine because they also turn your oil pump. If they catch it now the parts are cheap and you could fix it with labor and fairly minor costs for parts.
These Mitsubishi engines have lifters that must be adjusted periodically. Your mechanic should have known that.
I have a 1989 raider v6, oil gauge goes to 0% pressure when engines warm or hot. Does this mean i need a oil pump??? Also ticking noise on engine off and on when running.
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acts like it doesn't want to go and black smoke out exaust
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