That's not good. Knocking usually means big-end. You might want to flush the system with some Sea Foam then refill with some good stuff.
Nah, it was knocking when the engine didn't have any oil in it (because it all hemorrhaged out.) Knocking is perfectly normal in that condition. After I fixed the hemorrhage and refilled it with new oil the valves just rattle a little. I only drove it a few hundred feet with no oil in it so it was only knocking for about 10 seconds. I think it's gonna be okay. It's been running great since I fixed it this morning.
the same thing happened to me with my Camaro and after fixing the pressure problem i could hear the lifters (and i thought i busted the engine) - it went away after about 1/2 an hour of driving, i have no clue why it took that long but now it's fine. Let's hope yours will quiet down as well.
Yeah, I'm sure it'll sort itself out after the top-end gets lubed up pretty good.