Just to give you a bit of an update. The mechanic sounds positive and is believes the sound is coming from the near side cam cover. He mentioned removing the heads and replacing the timing chains. He did say how strong the engine sounded and reassured me that it wouldn't cost thousands to rectify......so fingers crossed that when he has it in for repairs in the next couple of weeks, the news will be positive! Thanks once again for your advice everyone....much appreciated and I will let you know the definitive answer on the problems and costs! Looking forward to taking it out if the nice weather finally comes!! 
Cheers....Matt

Cheers....Matt
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