Hi there!
I had a similar grinding noise from my 99' 2.5 boxster. i found out this weekend that the noise was coming from the water pump pully.
The initial sound was like loose baffles in the exhaust.. at low revs from cold you would hear it. after carrying on with motoring.. the sound turned into a heavy tapping noise and steam! I have a new pump on order after having removed mine yesterday!
Hope this may help you with your noise issue
Craig
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