Wolves started well with Seyi George Olofinjana testing Danny Coyne from 30 yards before Shaun Newton scored.
Frank Sinclair's poor defensive header failed to reach Coyne and Newton nipped in to score from short range.
Blake beat three to equalise and had further chances to score, a long-range strike saved by Paul Jones and a poor miss from short range.
Wolves boss Dave Jones on his side's injury crisis:
"Joleon Lescott wasn't in contention for this game but when we were hit by more problems he was happy to give it a go and he did well.
"We are struggling for bodies and what we had out there was what we have got.
"We are asking the kids to do men's jobs and while it will be great experience for them it is a difficult time for us."
Burnley: Coyne, Duff, McGreal, Sinclair, Camara, Grant, Moore,
Chaplow, Hyde, Branch, Blake.
Subs Not Used: O'Neill, Pilkington, Roche, Townsend, Jensen.
Booked: Camara, Grant.
Goals: Blake 24.
Wolverhampton: Jones, Edwards, Lescott, Craddock, Clyde,
Newton, Olofinjana, Ince, Cameron, Miller (Mulligan 82), Clarke.
Subs Not Used: Andrews, Cooper, Lowe, Oakes.
Booked: Miller, Clarke, Cameron.
Goals: Newton 15.
Ref: C Webster (Tyne & Wear).