Have you looked for any leaks from the oil filter. Have you had an oil change recently. Sometimes the filter can back off if not tightened enough. My friend had that happen 4 days after going to a Jiffy Lube and he got a new engine because of the ticking noise. It could be something inside your engine that failed though like you mentioned. Sorry to hear your misfortune!
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'84 Mustang 5.0 LX
My car