Clacking noise on cold startup.
 

I'm getting a clacking noise, coming from the front of my engine [around the timing cover area], on cold startup. Could this possibly be a failed tensioner and the chain slaps around until it heats up and expands enough to where it grips tightly on the cam and crank sprockets? Is this a common issue or unique to myself? The year is 94 and it has 180k on the clock. Any suggestions would be great. Thanks.