On the connecting rod, where the piston pin connects the piston to the rod. There is a bushing that has probably become worn with time. This usually causes the infamous piston slap! The only way to repair this is by removing the pistons and connecting rods, and pressing in new bushings. If you are going to go through this trouble you might as well replace the pistons, rings, and connecting rod bearings. Any reputable machine shop can do the work. Sense you do not have low oil pressure your main bearings should be ok.