The engine is an E 36 and the is a loud ticking noise coming from the right side front of the engine where the alum cover is in the front it goes away at some higher rpm's but is there on startup and idle sounds like a timing chain or something hitting the cover >>>???

16 costly car noises - Bankrate.com

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BankrateYou should not ignore certain thumping, banging, clicking and squealing sounds. These sounds often rear their heads or intensify whenever the driver takes ... Hissing or sizzling under the hood: Heard when the engine is first shut off, .... my rear right wheel makes a loud bang when switching from park to drive/reverse.

Sounds coming from drivers side front wheel - AnandTech Forums

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AnandTech
Dec 1, 2009 - 21 posts - ‎10 authors
Sounds coming from drivers side front wheel The Garage. ... slightly left, I get a slight metalish-squealing sound coming from the drivers side front wheel area. ... but before I start the wild and expensive goose chase of bringing it to mechanics I ..... Those twoloud clunks when turning hard right give it away.

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CarGurusDec 22, 2009 - Thumping from front end - I have a hard thumping noise coming from ... without problem then I'll take a turn or something and it will start. ... I just recentlystarted having a rubbing and thumping and squeaking noise in the right front sidewhen driving ... Thumping sound coming from under the truck 4 answers.

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Not sure if there is a question here or not. If the pressure is always below 40 and you are hearing engine noise, chances are the oil pressure really is low. You could replace the sending unit or use a mechanical gauge to verify.

I think your correct

It may be valve cam bearing noise

Not much you can do --unless you check
bulletins & then take it apart

This is probably tappet noise from the top end of the engine. However you should have it looked at quickly as these engines had a severe problem with oil sludging, even when recommended services were done.
This caused all sorts of problems, so see if you can get it fixed before the engine develops something terminal.
http://www.enginebuildermag.com/Article/66958/sludgy_saab_may_rattle_your_chain.aspx

timing chain could have jumped timing if you hear timing chain noise.

If it's from top side and you're SURE it's not lifters, it's probably a bad valve(s) or a "wrist pin" that holds piston to rod.

are you actually low on oil? if not the wire to the oil sensor prob got knocked off

No I would not chase to the pistons, these vehicle were very comon in creating HLA noise hydraulic lash adjusting valves, meaning the valves pump up with oil as the oil gets thinner they dont pump up as fast and create a very loud ticking noise, I would not express a great concern over simplicity, dodge was famous for this, they really were.

It sounds to me like you havent got any oil in it.

Cheers,

Toon.

This seems to be a classic case of "disentegrating exhaust system syndrome." There is either a hole(s) somewhere in your exhaust system or there is a leak somewhere. Probably the easiest way to tell where the noise is coming from is to start your car and just listen around in the engine bay, under the car, and at the muffler. Also do a visual inspection of the exhaust system to see if you can see any holes in the piping. I have also seen hairline cracks in the exhaust header itself that can cause the loud ticking noise that can be a little tricky to track down.