A method for estimating an aspect of a formation using a nuclear spectroscopy tool includes placing a nuclear spectroscopy tool including a neutron source and a gamma ray detector into a borehole and performing a plurality of environmental measurements. Neutrons are emitted from the nuclear spectroscopy tool such that some of the neutrons generate gamma rays from a formation adjacent the nuclear spectroscopy tool, some of the neutrons generate gamma rays from elements within the nuclear spectroscopy tool and some of the neutrons generate gamma rays from an element in the drilling mud. An energy spectrum of gamma rays induced by the emitted neutrons can be detected with the tool and analyzed using a combination of standard spectra including at least two sub-standards that represent a common element or group of elements and that are differentiated based on location of neutron interaction, such as where the neutrons thermalize.