I HAVE A 97 COBRA THAT HAS A TICK COMING FROM THE BACK OF HEAD ON DRIVER SIDE. IT HAS ONLY 33,000 MILES ON IT YOU CAN HEAR IT IN CATALITIC ALSO. HAS ANY ONE HAD THE SAME PROBLEM ANY INFO WILL HELP MY NARROW THE PROBLEMS DOWN.
Not sure on the older cobras but my driver side head had to be changed due to the TSB on the drivers side head ticking. It was replaced under warranty.
In your case it's probably the same worn valve guide.
Mine ticks as well but its on the passanger side and its a 99 cobra motor. I think its a exhaust leak. If its a value owell let the motor blow and i'll get a stroker kit.