Grinding/clicking sound

I have a Bass Pro Shops Johnny Morris Signature Series Spinning reel. If I hold it horizonally while reeling, it's very smooth and quiet (as I would expect a $100 reel to be). Whenever I start to point the rod and reel up (when jigging, for example), however, it makes pretty audible raspy clicking sound with approximately every other revolution of the handle. I can also feel the reel "clicking" very faintly. It isn't something rubbing against the inside of the spool, as it still makes the noise when the spool has been removed. It was oiled and greased with hot sauce bofore it was ever used. Only had the reel for a few days. I really don't want to excange it unless I need to, as I already have once.

so you must of taken the reel apart to grease it up, so maybe you did not put back together right. try to take it apart and make sure it's assembled properly.

I don't mean to be critical, but I would never tear into a reel that was less than a week old.  Most quality reels come from the factory lubed up and with the bearings packed in grease.  You should get a decent amount of service from a quality reel before a tear down becomes necessary. 

If you messed anything up re-assembling the reel, it is now your problem as I doubt BPS would accept it as a return if the tampering is even slightly evident.

I would get it back together properly and send it back.

Think I'd leave a Shimano alone for a while, though. The stuff they come lubed with is pretty good.