I found a similar pendant at auction, it was a carved salamander with the same hallmark .. >< .. I believe these pendants were carved from Chinese Turquoise soon after the discovery of large amounts of turquoise at the China Mountain deposit. At first there were large chunks, but over the years the material came lesser and lesser. Nowadays, since so many people rushed in to individually mine the turquoise, the authority has closed the mine.
I assume this material was imported to the Zuni fetish carvers in America, and I think this was carved and a pendant was custom-made to fit the carving just right, by an American Zuni Fetish carver. I think I see a "KH" on this piece and the other one I found in my research.