Yes, shou should see 12v but I'm guessing you're looking at the wrong scale. Put the leads across the battery. That's what you should see at the leads. Is the bulb good? You can check it by putting the solder tip on one battery terminal and with your other 3 hands, run one of your meter leads from the side of the bulb to the other battery terminal. If the bulb is good, test the fixture by hooking your signal wires back up to the fixture and with the bulb still out, use your voltmeter to measure between the contact point down in the bulb holder and battery ground. If no voltage, clean contacts, look for broken wire or corroded connector. If you get a reading, try the same thing between the contact in the bulb holder and the side of the bulb holder. If that fails, you have a bad ground connection from your light fixture to your frame. This could be because there's paint or rust in the threads where the fixture bolts to the fender or the fender to the frame. I'd be inclined, in that case, to run a green wire from the fixture body to the frame.
Good luck, keep us posted.