1. A method of identifying permeable features proximate a well bore during a drilling operation, comprising: recording, over first periods of time, a microseismic data set during the drilling operation; recording, over second periods of time, drill bit positions, and times corresponding to the drill bit positions in the well bore during the drilling operation to form a drill bit position and time data set; correlating times of recording the microseismic data set with the drill bit positions and times corresponding to the drill bit positions recorded in the drill bit position and time data set; processing the microseismic data set at a plurality of selected times to generate microseismic event images associated with or arising from the drilling operation at drill bit positions in the well bore corresponding to said selected times, and identifying said permeable features proximate the well bore from the microseismic event images.