For sure could be, but probably would not go away after spacer insertion.
Hi ya Bones ! I listened to Lupe's bike at the fall RAA. Same noise mine made. Definitely coming from the cam chain area. It sounds like the links of the chain hitting something. Mine would only do it when it was really cold out, (below 50 deg F). I measured my tensioner and it fell in the range that needed the spacer. I made my own. It hasn't made the noise in about 12 thousand miles now (keeping fingers crossed) !
Yup, if it's camchain, then yer spacer will fix it. If the noise doesn't go away, then check the gudjeons( wrist pins)