No, you'll just get an array with only two values (when the separator only occurs once per line)
The value array(0) should be appended to the first array, and the value array(1) to the second.

I'll write some (pseudo-)code for your app, if you're interested
VB Code:
  1. 'Declaration of variables
  2. dim lenoffile as long
  3. dim buffer as string
  4. dim lines() as string
  5. dim numlines as long
  6. dim firstcolumn() as string
  7. dim secondcolumn() as string
  8. dim i as long
  9.  
  10. 'Open textfile in binary mode. Why should you read line by line? This way saves you time, supposed that you have enough memory
  11. open "file.txt" for binary as #1
  12. lenoffile = lof(1)   'Length of file
  13. buffer = space$(lenoffile)   'Make the buffer large enough
  14. get #1, , buffer   'Get the data into the buffer
  15. close #1   'you don't need it anymore
  16. lines = split(buffer, vbcrlf)  'Split the buffer into lines
  17. numlines = ubound(lines) + 1   'Determine the number of lines
  18.  
  19. redim firstcolumn(numlines - 1)
  20. redim secondcolumn(numlines - 1)
  21.  
  22. 'I've explained this part in my first post
  23. for i = 0 to numlines - 1
  24.   tempbuf = split(lines(i), vbtab)
  25.   firstcolumn(i) = tempbuf(0)
  26.   secondcolumn(i) = tempbuf(1)
  27. next i
  28. 'done!
Assumptions:
*The lbound of arrays is 0 (hence the -1's every where)
*Firstcolumn and secondcolumn are the arrays where you wish to store the values.
*The textfile contains only data. Two values, separated by a tab, per line

Don't be scared by the binary opening of the file, and the get. I think this is just a much faster way than read a file in text mode line by line.

Good luck!

[edit]Added some comments[/edit]