It's likely the bushings the fan and motor spin in are running dry. There is no belt in there. You can try to desassemble the fan and lube the bushings, but it doesn't come apart easilly. I had the same trouble, and was able to get the thing lubed to the extent that it no longer made an awful sound.
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'70 911E short stroke 2.5 MFI. Sold   
'56 Cliff May Prefab
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