Is that inside or outside? And does it get chattier more with the coil in the air than it does when the coil is in detecting position and inch or two above the ground?
If it is outside and gets a little quieter when the coil is near the ground, I'd say the sensitivity is maybe just a tad too high. Or ... you may be near some EMI and you might want to try it at a different location before deciding to make a change to it.
I tend to run the Compadre I have just a little chatty. When it goes over a target it locks on the target and the little bit of chatter goes away. When I loan the Compadre out to someone, I turn the sensitivity back to where it is not chatty. One of the guys who borrowed it said that it was still good at picking up the electric fence. He couldn't get near where he thought the last corner marker was because of the fence interference. He found the other markers with the Compadre and measured from the located markers and dug to find the last one.
Similar issue was posted recently. http://www.findmall.com/read.php?17,1896010,1896064#msg-1896064 has a link to where to find the sensitivity pot on the rev 4 version of the circuit card. Yours may be an older version and the sensitivity pot may be in a different place. I think there may be a picture of where to find the sensitivity pot on the older circuit posted in the modification forum. I did not find it in my initial search.
If you don't want to touch the sensitivity setting, call the factory during their normal business hours and explain what it is doing. They will probably have you send it in.
Cheers,
tvr