Original post here. This image was researched by Bacchus at ErosBlog as part of the “Γ commission.” The research was originally published at Hedonix as Γ 056 – Marga, Panther Woman. Here is what Bacchus found.

This page identifies itself as being from a comic called Marga the Panther Woman by James T. Royal, and it shows Marga’s superhero origin story. According to the Public Domain Superheroes wiki, Marga stories appeared in Science Comics #1-8 and in Wierd Comics #8-20. ComicsVine lists “Origin of Marga the Panther Woman” among the contents of Science Comics #1 (Feb 1940), so we seek out that book at Comic Book Plus. Sure enough, the subject page is the start of an 8-page story beginning on page 38:

Comic Book Plus speculatively credits (with a question mark) Emil Gershwin as the artist of the first Marga story. For interest, another Marga story can be found online here.