By 1938, Centaur is publishing less silly stuff and more adventure. Which is good for its inclusion here!
This is "Scoop" Cody, aka the Mask. He insists on wearing the mask even though it doesn't fool anyone. His supporting cast has figured it out and barely humor him.
The locale is high fantasy -- "a strange island in a lake of liquid gold". It seems Don can get all the XP for treasure he wants by dipping a bucket! Not content with just getting rich (which I suspect many players would do instead), Dan and friends search the island and run into one of the earliest uses of amazons in comics. Amazons have no H&H entry, yet, but will in 2nd edition.
Note the use of one of Guardineer's favorite tricks, having people speak backwards.
And just what is Don and the Professor wearing? Is that supposed to be chainmail, or just heavy sweaters?
(Scans courtesy of Digital Comic Museum)