You can use the phase/timing information between different mics to separate sources, yes. Interestingly it's also doable with a single mic - previously with al

You can use the phase/timing information between different mics to separate sources, yes. Interestingly it's also doable with a single mic - previously with algorithms like NMF and ICA, more recently with neural networks. Our brains do it very well so there is probably more to discover. Google blind source separation or cocktail party problem if you want to find out more.