There is not a great deal of clearance, and the aggressive knobs on the tires will facilitate gravel pick-up that could jam between the tire and the mudguard. At a minimum, this will cause a lot of noise as the gravel is pulled through to the end of the mudguard. Worst case, the wheel locks up. On a rear wheel, this will cause a skid, which you may be able to control. On a front wheel, this can cause a face-plant.

Less aggressive tire tread, narrower profile tires, and/or smaller radius wheels will minimize this risk.