Remove the chain from the chain ring, that way you will eliminate any other potential sources of noise and ticking. Then spin the cranks without the chain to see if there are any noises or grinding sounds. Check the spindle to see how much looseness it has. What type of bottom bracket do you have ??. Is it a sealed cartridge bottom bracket or is it a cup and cone ?...If the spindle on a sealed cartridge has too much play in it or if it spins rough, then it needs to be replaced... A cup and cone can be cleaned, repacked with new grease and then adjusted and it should be ok as long as the cones and bearing races aren't worn out.