What kind of bow is this,does it have removeable mods for the draw length?
Believe it or not i have heard this noise before and it turned out to be a bent "damaged" axle on a old PSE bow a friend owned.Took it to the bow shop and had it fixed,after that the clinking sound was gone.
Reason why i asked the first question was that if its a bowtech make sure the screws are tightened down tight in the mods.If not it will make some funny noises as well.