The 19-year-old centre-half or right-back has made six appearances since joining the Ravens a couple of days before Christmas.
He will now remain at Hayes Lane until Saturday 24th February.
Academy product Woolfenden, who is contracted to the Tractor Boys until the summer of 2019 with the club having an option for a further year, has made one start and one sub appearance for the Blues, both in this season’s Carabao Cup.