Could well be the fan but if not then Cam-chain renewal time before it eats the engine.
Take fan off,put back together with coolant etc and run for a min or two.If gone you know it's the fan.
I have the same noise on my 78 CX 500. The bike has had multiple previous owners, and has about 52,000 miles on it. The noise started last year, and has gotten worse (louder) over time. Last year when it started, I thought my fan might be cracking, so I bought a new one and let myself believe that made a difference, but in retrospect, I don't think it did. A couple of weeks ago it got significantly louder. A week ago my temp gauge stopped working, and I have since ridden it to work (4 miles one way) and back twice. This morning I was checking my valve clearances and noticed a slippery, slimey gray goo on the inside of both the valve covers. There appears to be orange coolant droplets stuck to the inside of the covers as well, which leads me to believe that the goo is a mix of oil and coolant. I looked in the oil fill hole, and from what I could tell, could not see any coolant. I drained the oil (without running the engine to warm it up, as I would usually do before draining the oil), and that looked nice and normal, with no coolant in it.
Any ideas on where/how I am getting coolant under the valve covers? Is that noise the cam chain? Or just cam in general? I always thought it kinda sounded like a bearing going bad. The noise almost seems to come from the middle of the engine - with the ol' screwdriver to the ear and engine trick, the noise seems to be about the same from all sides. Is the noise related to my coolant problem, or just another issue at the same time?
Any help or suggestions are appreciated!