This is Dragon Magazine 17, from August, 1978. The cover art is by Dave Sutherland and, well, is that Warduke?

Though the character known as Warduke officially first appeared in 1983 as an LJN action figure, the similarities between him and this unnamed warrior are striking. The bat-winged helmet and glowing red eyes are practically the same, even down to the red gem at the brow. Warduke doesn’t wear a cape and wields a long sword instead of a two-handed sword, but there are subtle indications of mail on the this warrior’s legs and arms that I think further make the case that this is a proto-Warduke.

I can’t imagine why they never made an action figure out of his lady friend, though, can you?