Bolton youngster Woolfe, 20, made a goal-scoring debut against Weymouth while Preston teenager Fairhurst has also impressed at the Racecourse.
"Although we have continued to recruit players since, I have been happy with the pair of them," said Saunders.
"They have conducted themselves well, both in matches and during training and are a credit to their clubs.
"With the busy Christmas and new year period coming up, they will be seeing plenty of action over the coming weeks and we're glad they wanted to stay on and be a part of it."
Woofle made one substitute appearance for Bolton in a Uefa Cup clash with Sporting Lisbon while Fairhurst signed his first professional contract with Preston in the summer and has captained the reserve side.