Where is the tapping coming from? The front of the head? If so, it's probably just the front timing chain guide. This is a fixable problem on a lot of 240's. Just take off the valve cover, remove the guide, get a new valve cover gasket, and bolt the cover back on, make sure you have a torque wrench so you don't over torque the bolts. Go ahead and do a search too, there are several topics like this.
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