While accelerating in my 97 LT1 Z28 6 speed there was a sudden loud, deep clunk from the engine. It continued to run but the clunking quickly became more frequent and the oil pressure started to drop with smoke coming out the tail pipe. Prior to this incident the vehicle was tuned up nicely and running smooth. I should have pulled over immediately but I was on a narrow road with no shoulder and had to drive about a mile to find a safe spot. The engine never did over heat while all this was happening. I also noticed the car had sprayed a a lot of oil towards the bottom rear of the engine. I made a short start attempt this morning and it fired up but with a gnarly clunking noise so I immediately shut it off. Appreciate any advice as to where to start with this. Is the engine worth repairing?

 

Anybody's guess really, I'd start by attempting to locate the source of the oil leak first and go from there. Doesn't sound promising honestly, but start with finding where the oil is coming from, and I'd bet you will have a much better answer to the second part of your question. Good luck!

 

sounds like you might have lost a piston

 

I'm gonna bet; spun rod bearing or broken rod.

KW

 

That's a terrible noise to here no matter what it is its bad news !!!!
On the up side you now have the chance to make it faster !!!!! and have " a cam ride "

 

to quote a NASCAR fan....

"she blowed up Dale"...

would be my guess from this side of the internet. a floor jack and quick look underneath to see the source of oil leak (perhaps rod sticking through)

or by now just pull the did stick and see if your oil now looks like brown metal flake paint....

 

+1 on spun bearing.

Rebuilding an LT1 could be as cheap as several hundred dollars; more if you want to upgrade the internals.