It will run every minute. Since the subroutine does not have enough time to complete and return control to the calling routine (the calling routine will be the timer event), the stack will fill up until you get a stack overflow. When you get a stack overflow, you may get a stack overflow error message, Access or Windows may lock up or you may get unpredictable events. For this reason, a timer event should always first set the timer interval to zero to turn off the timer, handle the event, then, if needed, turn the timer back on (see the example below) unless you absolutely KNOW the timer event code will ALWAYS run faster than the timer interval and you are using the timer interval to do real world timing (best to avoid this scenario).
Example:
Private Sub Form_Timer ()
TimerInterval = 0
Do stuff Here...
TimerInterval = 500
End sub