This one is from Savage Sword of Conan #64 (1981)—a tremendous issue that carries a 42-page lead story drawn by Big John, a “Chane” backup strip by Gil Kane, and… eight Conan pinup pages by the great Alex Toth, of which this is one.
Alex also drew a pinup in Savage Sword #63, and together they appear to form a workout of visuals & ideas on his part with a view to actually drawing a full Conan story. Sadly, Alex was experiencing severe artist’s block at this time (which would continue for the rest of his life, pretty much), perhaps in part because his beloved Bravo For Adventure strip hadn’t set the world on fire, as he’d hoped. As such, he was trawling around for ideas, inspiration & motivation, including inking the pencils of other artists in the pages of Warren’s Creepy and Eerie during this period. (Seeing Toth ink Carmine Infantino is a sight to behold, for sure.)
Clearly, his attempts to ‘feel’ his way into Conan’s world were ultimately not successful… but it gave us a series of very interesting images, at least.