1. A method of identifying faults and other natural or induced fractures proximate a well bore during a drilling operation, comprising: recording, over first periods of time, a first 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 second drill bit position and time data set; correlating times corresponding to the first microseismic data set with the second drill bit position and time data set; processing the first microseismic data set at a plurality of selected times and locations to image microseismic events associated with or arising from the drilling operation, and identifying permeable features proximate the well bore from the microseismic event images.