It seems pretty obvious to me as well. I was coming here to say that, but you beat me to the punch (by 15 days, no less!)
Gandalf's statement that Frodo is beyond his sight is obvious: Gandalf says he cannot feel, sense, see, or "see" Frodo through magic, or literal, means.
The second statement, that 10,000 orcs are between Frodo and Mt. Doom, is not that Gandalf has literally seen 10,000 orcs between Frodo and Orodruin, but rather that Frodo still (likely) has a long way to go through enemy territory, which is swarming with dangers. He might as well have said, "Yet, Frodo has not reached the cracks of Doom yet, or else Sauron would have been defeated - unless Frodo failed completely and the Enemy possessed now the Ring. In either case, it stands to reason that our brave hobbit friend still seeks the end of the Quest, and logic dictates that many more dangers - including armies of orcs, goblins, trolls, and other horrors, not to mention Haradrim and other men who have sworn fealty to Sauron - lie betwixt Frodo and the cracks of Doom."
But that might have been a bit clunkier. It's almost like the dialogue writers were aiming for brevity and assuming a certain amount of intelligence and insight would be demonstrated by the audience...
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