This the “Knoll Totem” from Grenadier’s Dragon Lords “Encounter at Blood Valley” boxed set, circa 1987. I was gifted the set by a childhood friend a few years ago. He had painted several pieces of the set. I figured it was time to complete the rest.
Interesting that they chose to spell it “Knoll” instead of the usual “Gnoll”. Not sure if it was intentional or some confusion by the publisher.