well.. i thought i'll chime in from the newbie point of view whilst the experts will fill in on core details
from my research, there are many ways yixing clays are classified
1) by production area
examples like xiang shan nen ni, jiang po ni, hwang long shan pu ni, jiang xi zi sha, hong wei chun xiao mei yao zhuni, zhao zhuang zhuni and many more.
2) by the color after firing
hong, zi, qing, mo lv, hei,
3) by processing and grading
qing shui nen ni... shu pu ni...
4) by blend name
pin zi, zi ma duan, te pin, hei pin,
5) by the surface texture after firing (more seen in taiwan?)
i.e. shark skin texture, pear skin texture, 30mu, 60mu etc
6) by the Era
i.e. cultural revolution qing shui ni, 82-85 nian gao tu, ROC Fu Ji hong tu... Qing Zhuni..
despite the clay appearing to have mythical origins, it probably falls into one of these genres, and these genres easily can overlap.
on the same topic, if you visit one of the earliest publications on yixing zisha, i.e. ming dynasty's Yang Xian Ming Hu Xi, page 6, you will see "legend-like" or even "mythical" color namings. a brief translation of the passage on Xu You Quan :
The clays he used had colors of Hai Tang Red, Zhu Sha Purple, Ding Yao White, Cold Yellow Gold, Light Mo (ink), Chenxiang (agarwood?!?!), Shui Pi (Water green/blue),Liu Skin, Gui Yellow, Shiny Pear Skin, etc.
and if you look at another sentence from another passage covering the first mention of duan ni
Lao Ni, produced from Tuan Shan, after firing white sandy grains will appear, like pearl jade brightness, if you add some tian qing clay and shi huang clay, after firing you will get light orange deep old color.
Bai-Ni - white clay (chao shan origin) blahblahblahblah
and most intriguing/thought provoking of all... there's implication that the clay stratas are layered, sometimes some clays disappear/go extinct, and then re-appear again another time in another place, 矿脉时断时续,the author attributes it to the various mountain "gods" guarding the place.
