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Its more common to see it spawn in low rank Rotten Vale
If you don't want to take the time to catch all the fish, you can also just scare them away with your capture net
On a positive note in Elder Recess (sect 8), you always find a Gastronome Tuna 150RP in the upper right portion of the pond and sometimes a Giant Goldenfish 150RP in the left area near where the Petricanth would rarely appear.
How many times can you catch it
I catch all fish with the net. Even tuna.
Fastest way to do this is to do it at elder's recess camp 8 just look around, you can catch some fish with capture net then you can move into the tent and come back out, the fish will reset, making the entire process much faster, using this trick you can also get tons of platinum fish on the left side of the pond as well. You can also capture large fish instantly if you manage to capture it with the net without having to go through the fishing mini game, but it will scare all other fish away