There are a couple of things that happened here. Look closely and see if it broke a valve spring first.
The most likely scenerio is it just wore the lobes right off the camshaft. Those older small block Chevy's were pretty notorious for doing that. With the valve cover off and the ignition disabled, try to push down on the lifter side while someone cranks the engine and see if they are lifting the same amount as the other ones.
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