It does sound like something mechanical.
I once had a Toyota 4runner that made that noise. It had a head gasket replaced about a year beforehand and it turned out the mechanic had lost one of the screws from the cambelt cover. It had gone through the middle of the cambelt and the noise was it hitting the cover as it went around!
I'm not suggesting that's what's going on here, but the frequency is similar so I would be checking belts and pulleys. If it's nothing exposed, check the crankshaft pulley too. When was your cambelt last done?
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