From MSDN:
Pages in the region become guard pages. Any attempt to access a guard page causes the system to raise a STATUS_GUARD_PAGE exception and turn off the guard page status. Guard pages thus act as a one-shot access alarm.
The PAGE_GUARD flag is a page protection modifier. An application uses it with one of the other page protection flags, with one exception: it cannot be used with PAGE_NOACCESS. When an access attempt leads the system to turn off guard page status, the underlying page protection takes over.
If a guard page exception occurs during a system service, the service typically returns a failure status indicator.