Although I've never sat down and done a detailed chemical analysis using XRF, I have looked at them pretty closely in hand sample. Every one I have looked at have been quartz sandstones. Some appear to be eolian (wind-blown, dune deposits), while others appear to be beach deposits. What makes them so good for sharpening are 2 things: (1) their quartz content, and (2) their consistancy. Quartz is a very hard mineral -- much harded than almost any steel. A stone that is made of 90% quartz and 10% cementing agents (usually other forms of dissolved silica, but often iron-oxides, calcium carbonate or others depending on the environment of deposition) will make a good sharpening stone. If this composition is uniform enough it will be even better. One time in a pinch at my parent's house I used my mother's sandstone drink coaster to sharpen my EDC. Did a great job. Now I should also mention that there are other components that will make for a good stone. Some of the darker stones probably have a higher percentage of heavy minerals. These mineral aggemblages will usually include minerals with hardnesses that are also much greater than that of most steel. This will make for an even better stone. Finally, whether a stone is used for honing or agressive removal usually depends on the grain size of the minerals.
Hope that helps, as I'm being called to dinner by my lovely girlfriend.
-Al-